Resultados finales 2023
28 de febrero de 2024
Propiedades de Glenveagh plc
Resultados finales 2023
Glenveagh Properties plc ("Glenveagh" or the "Group") a leading Irish homebuilder announces its Final Results for the period ended 31 December 2023.
Aspectos financieros más destacados
| AF 2023 ?m | AF 2022 ?m | Cambios |
Ingresos | 607.9 | 644.7 | - 6% |
- Suburbano | 470.8 | 454.5 | + 4% |
- Urbano | 120.1 | 190.2 | - 37% |
- Alianzas y partenariados | 17.0 | - | n / a |
Beneficio bruto | 112.7 | 108.1 | + 4% |
- Suburbano | 95.1 | 83.6 | + 14% |
- Urbano | 15.4 | 24.5 | - 37% |
- Alianzas y partenariados | 2.2 | - | n / a |
Margen bruto (%) | 18.5% | 16.8% | +170 puntos básicos |
- Suburban (%) | 20.2% | 18.4% | +180 puntos básicos |
- Urbano (%) | 12.8% | 12.9% | -10 puntos básicos |
- Partnerships (%) | 12.9% | - | n / a |
Beneficio operativo | 70.9 | 70.1 | + 1% |
Beneficio antes de impuestos | 55.1 | 63.0 | - 13% |
Earnings Per Share (EPS) (cent) | 8.0 | 7.6 | + 5% |
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CARGA TERRESTRE1 | 403.8 | 455.3 | - 11% |
Trabajo en progreso | 274.6 | 227.2 | + 21% |
Flujo de caja operativo | 50.9 | 140.9 | - 64% |
Deuda neta | 48.8 | 13.8 | +?35m |
Equidad total | 678.2 | 693.1 | - 2% |
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Suburban Completions (units) | 1,328 | 1,354 | - 2% |
Suburban: Cartera de pedidos cerrada y adelantada (unidades)2 | 1,106 | 841 | + 32% |
Group: Closed & forward order book (value)2 | 805 | 473 | + 70% |
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1 Excluding development rights 2 As at 27 February 2024. Prior year data as at 1 March 2023
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Rendimiento del año fiscal 2023
· In FY 2023 we increased suburban revenue and margin, our Partnerships business segment started to generate revenue and profits, and we benefitted from strong planning momentum
· We delivered EPS of 8.0 cent, a 5.3% advance in the year and at the top end of our guided range
· During FY 2023 we were granted permissions for approximately 4,600 units, approximately 400 of which are currently in post-grant appeal periods. We also lodged planning applications for approximately 2,900 units
· Standardisation played an increasingly significant part in our momentum, driving greater efficiencies at every part of our value chain and incorporating standardised house types into the manufacturing and delivery process, while enhancing build quality and customer service. We more than doubled the number of standardised housing types we supplied, and this year only a small percentage of homes will be non-standardised. As a result, we can plan, design, and build houses more effectively, with greater efficiency and speed, and in greater numbers than ever before
· We launched NUA as our off-site manufacturing business with the capacity to deliver product for over 2,000 homes from three strategically located sites. NUA gives us greater control over our supply chain, allows for faster, more consistent construction in a sustainable manner, and enables us to get products to market faster. We are committed to embedding innovation and modern methods of construction into our product offering, and ongoing projects are focused on enhancing the premanufactured value of these products and also on driving further operational efficiencies in our manufacturing processes
· We also progressed with our sustainability agenda, launching our Net Zero transition plan in March 2023. This is an important milestone for our investors and customers as the focus increases on energy efficiency. Our Scope 3 emissions have now decreased by 7% against our 2021 baseline, measured on an intensity basis (tCO2e/100sqm). In early 2024 we also published both our Biodiversity and Circular Economy strategies and have had our science-based targets (SBTs) verified by the Science Based Targets initiative (SBTi)
· Net Debt was maintained at prudent levels as we continued to generate efficiencies from our landbank while also investing in our work-in-progress ('WIP') for FY 2024 and completing our significant investment in NUA
· We also returned approximately ?63 million to shareholders, bringing the overall returns over a three-year period to over ?300 million
Outlook
· The long-term demand outlook for the Irish residential housing market remains very positive. A resilient domestic economy is coupled with a fast-growing population and reinforced by supportive State initiatives. Our proven operational capability and established expertise in partnership and urban development models mean that we are ideally positioned to grow as a scale operator in the Irish market
· We are actively working with the multiple state agencies that the Government is using to stimulate and accelerate housing supply. We are transacting with approved housing bodies and local authorities to supply increasing numbers of cost rental, social and affordable housing through this year and next. We are engaging closely with the Land Development Agency ('LDA') on projects that can potentially activate our urban portfolio, with additional opportunities possible over time to partner on projects on State land. We also have a project approved in the Croí Cónaithe scheme. We will direct resources and investment as appropriate as these partnering opportunities materialise
· We expect to generate strong revenue and profit growth across each of our Suburban, Urban and Partnerships business segments in FY 2024. This growth is underpinned by our healthy land portfolio and forward order book, continued planning momentum and strong operational and manufacturing capability
· The further advance in our forward suburban order book for FY 2024 of 1,106 units closed or contracted gives us increased confidence on the outlook for our Suburban business segment. A further improvement in the underlying suburban margin is expected in FY 2024
· Urban revenue is expected to comprise contributions from projects already contracted as well as from new revenue opportunities. Construction of our Croí Cónaithe development in Cork will begin in mid-year
· We anticipate that revenue from our Partnerships segment will exceed ?100 million in FY 2024, with a gross margin of approximately 15%. We expect to commence the construction of almost 1,300 homes under our partnership schemes this year
· In FY 2024 we anticipate making further efficiencies in our land investment, while WIP is expected to increase modestly as the unwinding of current urban developments is more than offset by increased suburban activity and new urban investment. Net debt is expected to be approximately 10-15% of net assets at the end of FY 2024
· Our focus remains on enhancing the capital efficiency of the business and increasing cash generation. Once our capital allocation priorities are satisfied, we remain committed to returning any excess cash identified to shareholders
· Our stronger forward order book, operational momentum, and continued progress in manufacturing means that we have increased confidence with current consensus EPS expectations for FY 2024 of approximately 17 cent
El director ejecutivo Stephen Garvey comentó:
"We achieved our objectives in 2023 and this sets us up very well to operate at scale in 2024 and beyond.
Our business is performing effectively, delivering at pace and at scale the new homes that Irish people badly need - energy-efficient and high-quality homes designed for value and affordability, that work well with government initiatives. In 2024 we will see families, couples and individuals move into over 2,700 new homes that we have delivered.
Our greater scale is underpinned by the increased control we have taken over our supply chain in recent years. We are already seeing the benefits of investing in our NUA manufacturing business, to give us significant advantages in off-site manufacturing, innovative design, more sustainable processes, standardisation of our product range and greater efficiency and cost management.
NUA has also allowed us to develop a clear leadership position in modern methods of construction in the Irish market.
We are operating in a more favourable planning environment that is unrecognisable from two years ago. However, while the planning system is catching up with the backlog successfully, prospective homebuyers need to see ongoing investment by the State in additional planning and infrastructure resources to prevent a recurrence of backlogs, as output levels across the housebuilding industry continue to rise sharply to meet the supply shortage.
Notwithstanding this we remain confident about the outlook, not least because the State has cemented its position as a key driver of boosting supply and ultimately meeting the high level of demand that remains evident. We are engaging with the State across multiple initiatives that are working and making a real difference - our Partnerships business is delivering thousands of new homes in conjunction with local authorities and approved housing bodies; homebuyers are benefiting from Help to Buy and the First Home Scheme; and we are seeing significant scope for the LDA and other initiatives to accelerate supply."
Presentación de resultados
A webcast presentation of the results for analysts and institutional investors will take place at 8.30am on 28 February 2024. The presentation slides will be available on the Investor Relations section on www.glenveagh.ie from 7.00am on 28 February 2024.
También se puede acceder a esta presentación en vivo desde la sección Relaciones con inversores en www.glenveagh.ie o, alternativamente, mediante conferencia telefónica.
Conferencia: Haga clic aquí para registrarse para la conferencia telefónica
Webcast de audio: Haga clic aquí para la transmisión web
Registration and access details are also available at Glenveagh Corporate | Investors news and events
Para más información, póngase en contacto con:
inversores: | Medios de comunicación: |
Propiedades de Glenveagh plc Michael Rice (director financiero) Jack Gorman (Jefe de Relaciones Internacionales y Asuntos Corporativos) | Gordon MRM Ray Gordon 087 241 David Clerkin 087 830 |
Nota para los editores
Glenveagh Properties plc, que cotiza en Euronext Dublin y en la Bolsa de Valores de Londres, es una constructora de viviendas líder en Irlanda.
Con el respaldo de la innovación y la integración de la cadena de suministro, Glenveagh se compromete a abrir el acceso a viviendas sostenibles de alta calidad al mayor número posible de personas en comunidades prósperas de toda Irlanda. Nos centramos en tres mercados principales: vivienda suburbana, apartamentos urbanos y asociaciones con autoridades locales y agencias estatales.
www.glenveagh.es
Declaraciones prospectivas
Este anuncio no constituye ni forma parte de una invitación para suscribir, suscribir o adquirir o enajenar acciones de Glenveagh Properties plc ("Glenveagh" o "el Grupo").
Este anuncio contiene declaraciones que son, o pueden considerarse, declaraciones a futuro. Las declaraciones a futuro incluyen, pero no se limitan a, información sobre los resultados futuros posibles o asumidos de las operaciones, los planes y las expectativas del Grupo con respecto a las perspectivas de la demanda, las estrategias comerciales, los planes de financiación, la posición competitiva, las oportunidades potenciales de crecimiento, las mejoras potenciales en el rendimiento operativo, las expectativas con respecto a la inflación, la incertidumbre macroeconómica, las tensiones geopolíticas, los patrones climáticos, los efectos de la competencia y los efectos de futuras legislaciones o regulaciones. Las declaraciones prospectivas incluyen todas las declaraciones que no son hechos históricos y pueden identificarse mediante el uso de terminología prospectiva como "puede", "hará", "debería", "espera", "anticipa", "proyecta", "estimar", "pretender", "continuar", "objetivo", "asegurar", "llegar", "lograr", "desarrollar" o "creer" (o los negativos de los mismos) u otras variaciones de los mismos o terminología comparable. Las declaraciones prospectivas son de naturaleza prospectiva y se basan en las expectativas actuales del Grupo sobre eventos futuros, e implican riesgos e incertidumbres porque se relacionan con eventos y dependen de circunstancias que ocurrirán en el futuro. Si bien Glenveagh cree que las expectativas y suposiciones actuales con respecto a estas declaraciones prospectivas son razonables, no puede garantizar que estas expectativas resulten ser correctas. Debido a diversos riesgos e incertidumbres, los eventos o resultados reales o el desempeño real del Grupo pueden diferir materialmente de los reflejados o contemplados en dichas declaraciones prospectivas. Se le advierte que no confíe indebidamente en ninguna declaración prospectiva.
Estas declaraciones prospectivas se realizan a partir de la fecha de este documento. Glenveagh renuncia expresamente a cualquier obligación de actualizar estas declaraciones prospectivas de otra forma que no sea la requerida por la ley.
Las declaraciones a futuro en este anuncio no constituyen informes o declaraciones publicadas en cumplimiento de cualquiera de las Regulaciones 6 a 8 de las Regulaciones de Transparencia (Directiva 2004/109/EC) 2007 (modificada).
GLENVEAGH PROPERTIES PLC: REVISIÓN COMERCIAL Y FINANCIERA
1. REVISIÓN EMPRESARIAL
I. Ventas grupales
una. Visión general
The Group had total revenue of ?607.9 million (FY 2022: ?644.7 million), primarily relating to the completion of 1,328 suburban units (FY 2022: 1,354) in the period and including a first-time contribution from our Partnerships business segment. Excluding the FY 2022 disposal of the East Road site for approximately ?63m, that did not recur in FY 2023, there was a modest increase in Group revenue.
b. Suburbano
The Group reported suburban revenue of ?470.8 million, an increase of 3.6% on the FY 2022 revenue of ?454.5 million.
In FY 2023, 1,328 suburban units were closed which was broadly in line with 1,354 units closed in FY 2022. All sites required to deliver the FY 2024 targets have planning in place and are active, with a focus on delivering higher volume from bigger sites.
ASP in FY 2023 was approximately ?336k (FY 2022: ?330k), reflecting underlying House Price Inflation ("HPI"), changes in product and site mix, and our commitment to delivering homes that are affordable for our customers.
Underlying market demand for new homes continued to be very strong during the year, driven by a robust economic environment, ongoing increases in population and a range of demand-side initiatives from the Government.
The Group delivered almost 700 units (approximately 52% of our suburban units) as part of these Government support initiatives to provide social, cost rental and affordable housing.
During FY 2023 the scope of the First Home Scheme was significantly extended to an additional cohort of buyers by increasing the price ceilings that apply in Ireland's local authority areas. The scheme is designed to bridge the gap between a first-time buyer's deposit and mortgage and the price of the new home, providing up to 30% of the price of the home and supporting affordability for first-time buyers, a key target market for Glenveagh. Along with the Help To Buy Scheme, these initiatives provide more first-time buyers with enhanced access to new housing developments and approximately 80% of our customers availed of at least one of these schemes in FY 2023.
Customer affordability was further supported by the change in the Central Bank of Ireland's macroprudential rules, that became effective from 1 January 2023. This increased borrowing capacity materially among the first-time buyer cohort, up to 4x income compared to a 3.5x limit previously in place.
C. Urbano
Urban revenue decreased by 36.8% to ?120.1 million in FY 2023 (FY 2022: ?190.2 million). This primarily reflects a FY 2022 comparative that included approximately ?63m from the disposal of the East Road site.
In FY 2023 two of our key contracted urban projects, Marina Village and Premier Inn, were completed. All of the remaining contracted projects - at Cluain Mhuire, Citywest and Castleknock - are anticipated to complete in FY 2024 and to deliver approximately 650 units. Revenue of approximately ?80 million is expected to be recognised this year from these projects, bringing the total revenue from the Group's urban asset monetisation activities to approximately ?600 million.
Our remaining urban assets comprise almost 14% of our overall land investment and principally comprise assets in Cork and the Greater Dublin Area. There is significant potential to activate much of this portfolio by partnering with multiple state agencies as part of the Government's supply-side housing initiatives.
In November 2023 we were approved under the Croí Cónaithe (Cities) Scheme to develop 274 owner occupier apartments for sale on the open market in Blackrock, Cork. Development is anticipated to begin mid-year and first revenue and profits from this development are expected in FY 2026.
In addition, significant increased funding has been proposed for the LDA and a number of our urban portfolio sites are currently being evaluated by the agency for prospective selection and activation in FY 2024.
Urban revenue is expected to comprise the contribution from projects already contracted as well as new revenue opportunities that include emerging partnership projects with state agencies. These additional opportunities provide the flexibility to generate new revenue in FY 2024 and to offset any potential transaction risk associated with our commercial office development, the residual non-core asset in the Docklands portfolio.
d. Asociaciones
FY 2023 was a milestone year for our Partnerships business segment. Both Ballymastone and Oscar Traynor Road received final planning permissions in H2 2023 and construction works commenced on both sites in the final quarter. As a result, we reported our first revenue in this business segment of ?17.0 million.
We expect, by the end of this year, to have commenced the construction of almost 1,300 homes under our partnership schemes. We also anticipate lodging a planning application in FY 2024 for the next phase of the Ballymastone development, comprising approximately 400 mixed tenure units.
As noted above, new resources and funding are now being provided by the Government for supply-side housing initiatives, the most significant recent initiative of which is proposed further funding to the LDA.
Our scale, operational capability and proven expertise in partnership models leave us ideally positioned to advance such opportunities as they relate to both our Urban and Partnerships business segments. These have the potential to generate significant incremental revenue and profits for the Group over the medium term.
ii. Libro de pedidos directos
The continued strength of the Irish market is demonstrated through our strong forward order book which totals ?805 million.
The closed and forward order book in the suburban business for FY 2024 is ?377 million, comprising 1,106 units, and gives good visibility on FY 2024 performance. Strong reservation rates in our Suburban business segment reflects strong underlying private market demand that is supported by the resilience of the domestic economy, the range of Housing for All initiatives, and the change to the Central Bank of Ireland's macroprudential rules. Customer demand is further underpinned by the structural undersupply across the market of high-quality, affordable housing in Ireland.
In addition, the Group's overall forward order book includes revenue in FY 2024 to be recognised from the three remaining executed transactions within the Urban business segment, as well as the contracted element of the Partnerships business segment.
We are currently active on 20 suburban and urban sites, with a focus on delivering higher output from larger sites to further enhance operational efficiencies.
III. Planificación del progreso y la política
We made significant progress in what was an improving planning environment, increasing confidence on unit delivery in FY 2024 and beyond.
In FY 2023 the Group was granted permissions for approximately 4,600 units across over twenty applications, some 400 of which are currently in post-grant appeal periods.
Overall, we are strongly positioned for longer term growth. The Group has planning permission for all of its expected deliveries in FY 2024. This improved visibility, when combined with our planning applications lodged during FY 2023, mean that approximately 80% of our current landbank could be fully planned and available for development by the end of this year.
There were some encouraging improvements in the planning policy and system in FY 2023. Additional resourcing has been provided to An Bord Pleanála and the efficiency of its applications processing is improving.
The Large-scale Residential Development (LRD) process is functioning well to date, with successful grants received within or ahead of guided timelines.
The Planning and Development Bill 2023 was published following extensive review and consultation. We welcome such policy reform in general but are mindful that such an extensive piece of legislation, combined with the prospective amendments that are ongoing, will take some time to assimilate in practice and is unlikely to have a significant impact in FY 2024.
We welcomed the Government's Sustainable Residential Development and Compact Settlements Guidelines that were published in January 2024. Its effective implementation will enable greater flexibility in residential design standards that will support the delivery of compact 'own door' housing that are more viable for developers and more affordable for purchasers.
The review of the National Planning Framework is also underway. We would urge that this review accurately reflects present and future population requirements, designed for viable and appropriately located homes and offering increased opportunities for home ownership.
The strong performance in our Partnerships business shows how much can be achieved when public and private entities work together to deliver what Ireland needs - sustainable, high-quality, energy-efficient, mixed tenure developments that will alleviate the supply shortage.
As the largest source of landbank for the development of new homes and with the scale of its potential funding capacity, the State will continue to be the major driver in resolving Ireland's accommodation shortage, in partnership with the housebuilding industry.
To sustainably deliver increased housing supply and opportunities for home ownership also requires appropriately aligning resourcing for planning bodies, local authorities and utility companies and ensuring the availability of land with critical infrastructure. Prioritising these actions as a matter of urgency will enhance industry wide efforts to expedite the delivery of quality homes and ultimately contribute to building flourishing communities.
IV. Gestión de la cartera de suelo urbanizable
We continue to take a disciplined and strategic approach to land acquisitions and portfolio management, focused on managing to a 4-5 year land portfolio at scale.
The Group's land investment, excluding development rights, was ?403.8 million at 31 December 2023 (31 December 2022: ?455.3 million). We have continued to drive further capital efficiencies by reducing this net investment in land and we anticipate driving more efficiencies from the landbank in FY 2024.
Development rights increased from ?3.2 million in FY 2022 to ?29.3m in FY 2023 reflecting the acquisition of certain development rights associated with our partnership agreements for Ballymastone and Oscar Traynor Road.
The Group's land portfolio currently comprises just over 13,100 units with an average plot cost of approximately ?33k. By number of units, the Suburban segment accounts for 68% of the portfolio, with the remainder comprising the Urban segment (16)% and Partnerships segment (16%). Approximately two-thirds of the overall portfolio is located in the Greater Dublin Area.
The Group spent or contracted to spend a total of approximately ?38 million on six land sites in FY 2023. These sites have the capacity to deliver approximately 1,050 new own-door housing in sustainable communities. The Group is also prioritising structured land transactions which will enable more efficient standardisation of the suburban portfolio as well as maintaining an efficient balance sheet. Four of the six land transactions are structured deals allowing the group to progress with planning applications.
The introduction of a Residential Zoned Land Tax, originally scheduled for FY 2024, has been deferred until FY 2025. This tax is designed to incentivise landowners to use inactive zoned land for housing. Its impending introduction has already been a positive development in providing additional land investment opportunities for the Group. The Group is also actively managing and reviewing its existing portfolio to determine the extent of, and to mitigate against, any relevant tax liability that it may incur.
v. Inflación del costo de los insumos
The construction sector continued to face inflationary pressures across its raw material and labour costs base in FY 2023 and we anticipate that this will continue into FY 2024.
We continue to employ several strategies to mitigate the impact of this inflationary environment. We collaborate with supply chain partners to secure sustainable, competitive pricing while maintaining supply security. We also benefit from our scale and purchasing power in negotiating competitive terms and pricing with suppliers, while ensuring greater control over input costs through the Group's supply chain integration strategy. In addition, the Government announced in April 2023 that development levies would be removed for a limited time subject to certain criteria being met, a measure that has partly mitigated against cost pressures across the industry.
These mitigation strategies enabled us to manage build cost inflation to a 4-5% level in FY 2023. As levels of HPI in the new homes market were at similar levels, the overall impact on margin was broadly neutral.
vi. Integración de la cadena de suministro - NUA
In June we launched NUA, the innovative manufacturing and new technology arm of the business that operates from our three off-site manufacturing facilities in Carlow town, Arklow, Co. Wicklow and Dundalk, Co. Louth. The sites are strategically located to service all our sites effectively as a nationwide home builder.
Significant investment is now largely completed so the focus is on maximising the value from NUA and building the capability to deliver our own housing requirements. NUA has the capacity to deliver frames for over 2,000 homes per year, focusing on the off-site panellised manufacture using timber frame and light gauge steel.
This innovation in off-site manufacturing is becoming increasingly important as standardised house types in Glenveagh designed planning units become a much larger component of our output. We anticipate that approximately 70% of our output in FY 2024 will use our standardised housing typologies. As a result, we can plan, design, and build houses more effectively, with greater efficiency and speed, and in greater numbers than ever before. Standardising process and product across the business supports an improved margin and return profile for the Group overall.
vii. Progreso de la agenda de sostenibilidad
In FY 2023 the Group's main sustainability focus was on launching the Net Zero Transition Plan, developing our Biodiversity and Circular Economy strategies, and implementing our Equity, Diversity & Inclusion (ED&I) strategy.
The key milestone in H1 2023 was the launch of the Group's Net Zero Transition Plan in March 2023, outlining our near-term and long-term GHG emissions reduction targets for scopes 1, 2 and 3. These targets call for a 46.2% reduction in absolute Scopes 1 & 2 emissions by 2031 and a 55% reduction in Intensidad de emisiones de alcance 3 (tCO2e/100m²) by 2031, using 2021 as the baseline year. Longer term net zero targets have been set for scopes 1,2&3 by 2050. All targets have been validated by the Science Based Targets initiative (SBTi).
In FY 2023 we reduced absolute Scope 1 & 2 emissions by 11% compared to FY 2022. This is an encouraging first step, which can be attributed to the roll out of HVO (hydrotreated vegetable oil) to replace diesel across sites during the year. While scope 1 & 2 emissions are still tracking above our 2021 baseline, we are confident that the work we have completed has a solid foundation and that we are on the right track to see a reduction in FY 2024 with a full year of HVO use. Meanwhile, our Scope 3 emissions have now decreased by 7% against our FY 2021 baseline, measured on an intensity basis (tCO2e/100sqm). This is primarily due to our focus on the energy efficiency of our homes. In FY 2023, we saw the proportion of A1 rated homes increase from 55% to 85% which has a positive impact on the carbon emissions associated with the occupant energy of the home.
Our biodiversity strategy, 'Building a Better Habitat', was launched in January 2024 and integrates biodiversity conservation into the core of our 'Building Better' strategy. The strategy is a step towards better understanding how we as a business impact on and depend upon biodiversity. We have developed a biodiversity framework that will allow us to manage our impacts, risks, and opportunities across our value chain.
We are today launching our Circular Economy strategy, which sets out the actions we will take to move towards circular design, reduce resource use and the waste associated with it. We have set a target to prepare 70% of our construction and demolition (non-hazardous) waste for reuse, recycling and other material recovery. We have also set out commitments in relation to circular design, supply chain engagement and data. Our three strategies complement each other as we seek to address the issues of climate change, biodiversity loss and resource depletion in a coordinated way. They are supported by a supplier engagement programme, initiated in 2023. We are also proud to be a founding member of the Supply Chain Sustainability School Ireland which launched in January 2024.
We also began to implement our ED&I strategy, 'Building a Better Workplace', that was launched in December 2022. We established an ED&I Steering Group and launched five Employee Network Groups each sponsored by an Executive Committee member. In May we retained the Investors in Diversity Silver Mark and achieved an overall result of 'Building Momentum'.
Elsewhere across the business, we agreed a new sustainability linked finance facility in February 2023 that incorporates four specific sustainability Key Performance Indicators ("KPIs"). We continued our preparation to disclose under the Corporate Sustainability Reporting Directive. We have also continued to maintain and improve our ESG ratings. Our Sustainalytics rating improved from 19.3 to 16.4 and is denoted as 'Low-risk'. Our CDP rating is B and our MSCI rating is AA.
2. REVISIÓN FINANCIERA
i. Actuación grupal
Total Group revenue was ?608 million (FY 2022: ?645 million). The Group's gross profit for the year increased modestly to ?112.7 million (FY 2022: ?108.1 million) with an overall gross margin of 18.5% (FY 2022: 16.8%).
In the Suburban business segment, revenue of ?471m represents steady growth and equates to a 4% increase in revenue versus 2022. The Group delivered 1,328 core units in the year at an Average Selling Price of approximately ?336k (FY 2022: ?330k) reflecting the Group's strong operational performance. ASP increased by 2% as a result of portfolio mix and house price inflation in the period.
The most significant margin improvement came in the Suburban business with a gross margin of 20.2% (FY 2022: 18.4%) and an underlying suburban housing margin of 19.3% (FY 2022: 18.4%). The business benefitted from a number of operational improvements including but not limited to increased product standardisation, our pricing power in the market and the early signs of cost benefits from our manufacturing capabilities. The margin was also augmented by the impact of land sales. We would expect further progression in the underlying suburban margin in FY 2024 as we deliver a higher percentage of our product from our standardised house types and our manufacturing facilities.
Our Urban business segment generated revenue of ?120 million. This includes the completion of our forward fund on the Premier Inn hotel in the Docklands and our apartment development in Marina Village, Greystones along with the continuation of the development phase in our apartment schemes in Citywest and Castleknock. Urban gross margin was 12.8% in FY 2023, broadly consistent with the 2022 margin of 12.9%.
We generated ?17 million of revenue from our Partnerships business segment, the first time this segment has contributed revenue, reflecting significant progress made on both Partnership sites during the year. Given the structure of the Partnership transactions, we recognise revenue and profits on a percentage of completion basis and therefore the revenue and profits recognised in FY 2023 reflect the early stages of construction rather than any units being completed. The Partnership gross margin was 12.9%, reflecting very low activity levels and the early stage of development on both sites. For FY 2024 and future years, the margin on both sites will be consistent with our 15% guidance for that business segment.
Group operating profit was ?70.9 million (FY 2022: ?70.1 million). The Group's central costs for the year were ?39.4 million (FY 2022: ?36.0 million), which along with ?2.4 million (FY 2022: ?1.9 million) of depreciation and amortisation gives total administrative expenses of ?41.8 million (FY 2022: ?38.0 million).
Net finance costs for the year increased significantly to ?15.8 million (FY 2022: ?7.1 million), primarily impacted by the increased European Central Bank interest rates which have impacted the overall market and a higher level of average debt during the year to support the growth trajectory of the business.
Overall, the Group delivered an improved Earnings Per Share of 8.0 cent (FY 2022: 7.6 cent), which was at the higher end of the range management had provided as market guidance.
ii. Balance Sheet
The business has continued to improve our balance sheet efficiency during FY 2023 and has reduced the Group's net assets modestly to ?678.2 million at 31 December 2023 (FY 2022: ?693.1 million). There are a number of elements within this net reduction, some of which relate to increased investment for future efficiencies and benefits while some relate to capital reductions in the year.
In line with our manufacturing strategy, we continued to invest in our off-site facilities and equipment, totalling ?18.1m in the year. This is included in our increased Property, Plant & Equipment balance of ?64.2 million (FY 2022: ?51.8 million).
The business has again seen significant progress in the reduction of our land portfolio, with a year-end balance of ?403.8 million (2022: ?455.3 million), excluding development rights. We believe that further reductions can be made in our land portfolio, with the carrying value of land reducing below ?400 million in FY 2024.
To facilitate the significant growth trajectory into FY 2024, the business has invested in work-in progress with an overall year end balance of ?274.6 million (FY 2022: ?227.4 million), an increase of nearly ?50 million. This increase is primarily attributable to the increase in our urban business and two sites in particular, the Docklands office development and our apartment scheme in Cluain Mhuire which has been forward sold and will deliver in FY 2024. Combined these two assets have approximately ?70 million of work in progress at year end, an increase of ?40 million year on year.
The reduced equity figure at 31 December 2023 reflects the reduced number of shares in the business following the successful completion of the Group's fourth share buyback programme. In FY 2023, a total of 63.8 million shares were repurchased at a total cost of ?62.9 million. The Group has now returned over ?300 million to shareholders since the beginning of our first share buyback programme in May 2021.
iii. Cash Flow
The business continued to generate substantial operating cash inflow, albeit not at the same levels as in previous years. We generated ?50.9 million (FY 2022: ?140.9 million) cash from operating activities, the reduction reflecting our investment in inventory.
This cash generation allowed the business to invest in line with our capital allocation priorities, predominantly focussed on our manufacturing capabilities of ?17.9 million and our fourth share buyback programme of ?62.9 million.
Reflecting the investment in work in progress, which will deliver in FY 2024, the Group had an increased net debt position at year end of ?48.8 million (2022: ?13.8 million). This remains a prudently managed debt level in the context of the overall scale of the business, the investments that have been made in FY 2023 and the opportunities available to the business in FY 2024.
Propiedades de Glenveagh plc
Estado consolidado de resultados y otros resultados integrales
2023 | 2022 | ||
Note | ?'000 | ?'000 | |
|
|
| |
Ingresos | 10 | 607,938 | 644,706 |
|
| ||
El costo de ventas |
| (495,207) | (536,655) |
|
|
| |
Beneficio bruto |
| 112,731 | 108,051 |
|
| ||
Gastos administrativos |
| (41,782) | (37,956) |
|
|
| |
Beneficio operativo |
| 70,949 | 70,095 |
|
| ||
Gastos financieros | 11 | (15,839) | (7,094) |
|
|
| |
Beneficio antes de impuestos | 12 | 55,110 | 63,001 |
|
|
| |
Impuesto sobre la renta | 16 | (8,002) | (10,434) |
|
|
|
|
Profit after tax attributable to the owners of the Company |
|
47,108 |
52,567 |
|
|
| |
Partidas que se reclasifican o pueden reclasificarse posteriormente a resultados: |
|
| |
Movimiento del valor razonable en coberturas de flujo de efectivo |
| (1,240) | - |
Coberturas de flujo de efectivo reclasificadas a resultados |
| (383) | - |
|
|
| |
| |||
Total otra pérdida integral |
| (1,623) | - |
|
|
| |
| |||
| |||
Total comprehensive profit for the year attributable of the owners of the Company |
|
45,485 |
52,567 |
|
|
|
|
|
|
|
|
Utilidad básica por acción (centavo) | 15 | 8.0 | 7.6 |
|
|
|
|
|
|
| |
Utilidad diluida por acción (centavo) | 15 | 8.0 | 7.6 |
|
|
|
|
Por el ejercicio cerrado el 31 de diciembre de 2023
Propiedades de Glenveagh plc
Hoja de balance consolidado
a 31 de diciembre de 2023
Note |
|
| |
| 2023 | 2022 | |
| ?'000 | ?'000 | |
Activos |
| ||
Activos no corrientes |
|
| |
Goodwill | 18 | 5,697 | 5,697 |
Propiedad, planta y equipo. | 17 | 64,184 | 51,750 |
Activos intangibles | 18 | 2,781 | 1,770 |
Activos por impuestos diferidos | 16 | 884 | 619 |
|
|
| |
| 73,546 | 59,836 | |
|
|
| |
Activos circulantes |
|
| |
Inventario | 19 | 707,600 | 685,751 |
Cuentas comerciales y otras cuentas por cobrar | 20 | 77,974 | 58,671 |
Impuesto sobre la renta por cobrar |
| 3,901 | - |
Efectivo restringido | 23 | 458 | 458 |
Efectivo y equivalentes de efectivo | 27 | 71,863 | 71,085 |
|
|
| |
| 861,796 | 815,965 | |
|
|
| |
|
|
| |
los activos totales |
| 935,342 | 875,801 |
|
|
| |
Equidad |
|
| |
Capital social | 26 | 659 | 719 |
Compartir premium | 26 | 179,719 | 179,416 |
Capital no denominado | 26 | 399 | 335 |
Ganancias retenidas |
| 450,103 | 465,680 |
Reserva de cobertura de flujo de caja | 24 | (1,623) | - |
Reserva de pago basada en acciones |
| 48,899 | 46,968 |
|
|
| |
Equidad total |
| 678,156 | 693,118 |
|
|
|
|
Pasivos |
|
| |
Pasivos no corrientes |
|
| |
Préstamos y empréstitos | 22 | 112,083 | 71,221 |
Pasivos por arrendamiento | 22 | 4,230 | 4,216 |
Contratos de derivados | 24 | 1,623 | - |
Comerciales y otras cuentas a pagar | 21 | 1,750 | 3,500 |
|
|
| |
| 119,686 | 78,937 | |
|
|
| |
Pasivo circulante |
|
| |
Comerciales y otras cuentas a pagar | 21 | 132,719 | 93,234 |
Impuesto sobre la Renta por pagar |
| - | 565 |
Préstamos y empréstitos | 22 | 3,562 | 9,419 |
Pasivos por arrendamiento | 22 | 1,219 | 528 |
|
|
| |
| 137,500 | 103,746 | |
|
|
| |
Pasivos totales |
| 257,186 | 182,683 |
|
|
| |
|
| ||
Total pasivos y patrimonio |
| 935,342 | 875,801 |
|
|
|
Michael Rice Stephen Garvey 27 February 2024
Director Director
Propiedades de Glenveagh plc
Estado de cambios en el patrimonio neto consolidado
para el ejercicio económico finalizado el 31 de diciembre de 2023
Capital social |
|
|
|
|
|
| ||
Ordinario |
Diferido |
Sin denominar |
Compartir |
Pagos basados en acciones |
Flujo de fondos |
retenido |
Total | |
las acciones | Acciones | capital | producto de más alta calidad. | reserva | reserva de cobertura | ganancias | equidad | |
?'000 | ?'000 | ?'000 | ?'000 | ?'000 | ?'000 | ?'000 | ?'000 | |
Saldo al 1 de enero de 2023 | 638 | 81 | 335 | 179,416 | 46,968 | - | 465,680 | 693,118 |
| ||||||||
Beneficio integral total del año | ||||||||
Ingresos del año | - | - | - | - | - | - | 47,108 | 47,108 |
Movimiento del valor razonable en coberturas de flujo de efectivo | - | - | - | - | - | (1,240) | - | (1,240) |
Coberturas de flujo de efectivo reclasificadas a resultados |
- |
- |
- |
- |
- |
(383) |
- |
(383) |
|
|
|
|
|
|
|
| |
638 | 81 | 335 | 179,416 | 46,968 | (1,623) | 512,788 | 738,603 | |
|
|
|
|
|
|
|
| |
Transacciones con propietarios de la Compañía | ||||||||
Pagos basados en acciones liquidados mediante acciones | - | - | - | - | 2,137 | - | - | 2,137 |
Opciones sobre acciones caducadas (Nota 14) | - | - | - | - | (206) | - | 206 | - |
Cancellation of deferred shares (Note 26) | - | - | - | - | - | - | - | - |
Ejercicio de opciones | 4 | - | - | 303 | - | - | - | 307 |
Compra de acciones propias (Nota 26) | (64) | - | 64 | - | - | - | (62,891) | (62,891) |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
(60) | - | 64 | 303 | 1,931 | - | (62,685) | (60,447) | |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
Saldo al 31 de diciembre de 2023 | 578 | 81 | 399 | 179,719 | 48,899 | (1,623) | 450,103 | 678,156 |
|
|
|
|
|
|
|
|
|
Propiedades de Glenveagh plc
Estado de cambios en el patrimonio neto consolidado
para el ejercicio económico finalizado el 31 de diciembre de 2022
Capital social |
|
|
|
|
| |||
Ordinario |
Fundador |
Diferido |
Sin denominar |
Compartir | Basado en acciones pago |
retenido |
Total | |
las acciones | las acciones | Acciones | capital | producto de más alta calidad. | reserva | ganancias | equidad | |
?'000 | ?'000 | ?'000 | ?'000 | ?'000 | ?'000 | ?'000 | ?'000 | |
Saldo al 1 de enero de 2022 | 771 | 181 | - | 100 | 179,310 | 45,251 | 558,468 | 784,081 |
| ||||||||
Beneficio integral total del año | ||||||||
Ingresos del año | - | - | - | - | - | - | 52,567 | 52,567 |
|
|
|
|
|
|
|
| |
771 | 181 | - | 100 | 179,310 | 45,251 | 611,035 | 836,648 | |
|
|
|
|
|
|
|
| |
Transacciones con propietarios de la Compañía | ||||||||
Pagos basados en acciones liquidados mediante acciones | - | - | - | - | - | 1,717 | - | 1,717 |
Opciones sobre acciones caducadas (Nota 14) | - | - | - | - | - | - | - | - |
Conversion of founder shares to deferred shares (Note 26) |
- |
(181) |
181 |
- |
- |
- |
- |
- |
Cancellation of deferred shares (Note 26) | - | - | (100) | 100 | - | - | - | - |
Ejercicio de opciones | 2 | - | - | - | 106 | - | - | 108 |
Compra de acciones propias (Nota 26) | (135) | - | - | 135 | - | - | (145,355) | (145,355) |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
(133) | (181) | 81 | 235 | 106 | 1,717 | (145,355) | (143,530) | |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
Saldo al 31 de diciembre de 2022 | 638 | - | 81 | 335 | 179,416 | 46,968 | 465,680 | 693,118 |
|
|
|
|
|
|
|
|
|
Estado de flujos de efectivo consolidado
Por el ejercicio cerrado el 31 de diciembre de 2023
| 2023 | 2022 | |
Note | ?'000 | ?'000 | |
flujos de efectivo por actividades operacionales |
|
|
|
Beneficio del ejercicio |
| 47,108 | 52,567 |
Ajustes para: |
| ||
depreciación y amortización |
| 2,373 | 2,081 |
Costos financieros | 11 | 15,839 | 7,094 |
Gastos por pagos basados en acciones liquidados con instrumentos de patrimonio | 14 | 2,137 | 1,717 |
Gasto de impuestos | 16 | 8,002 | 10,434 |
Beneficio por enajenación de propiedades, planta y equipo | 12 | (214) | (1,501) |
|
|
| |
| 75,245 | 72,392 | |
Cambios en: |
| ||
Los inventarios |
| (18,529) | 83,360 |
Cuentas comerciales y otras cuentas por cobrar |
| (19,217) | (26,290) |
Comerciales y otras cuentas a pagar |
| 38,100 | 35,662 |
|
|
| |
Efectivo de actividades operativas |
| 75,599 | 165,124 |
| |||
Pago interesado |
| (12,009) | (6,490) |
Impuesto pagado |
| (12,732) | (17,778) |
|
|
| |
| |||
Efectivo neto de actividades operativas |
| 50,858 | 140,856 |
|
|
| |
Flujos de efectivo de actividades de inversión |
| ||
Adquisición de propiedades, planta y equipo | 17 | (16,361) | (19,278) |
Adquisición de activos intangibles | 18 | (1,477) | (1,055) |
Adquisición de empresas filiales |
| - | (6,875) |
Efectivo adquirido en la adquisición |
| - | 847 |
Producto de la venta de propiedades, planta y equipo |
| 959 | 2,036 |
|
|
| |
Efectivo neto utilizado en actividades de inversión |
| (16,879) | (24,325) |
|
|
| |
| |||
Flujos de efectivo de actividades de financiación |
| ||
Producto de préstamos y empréstitos | 22 | 381,667 | 110,000 |
Reembolso de préstamos y empréstitos | 22 | (347,500) | (150,000) |
Costos de transacción relacionados con préstamos y empréstitos | 22 | (4,318) | - |
Compra de acciones propias | 26 | (62,891) | (146,260) |
Producto del ejercicio de opciones sobre acciones | 26 | 307 | 108 |
Proceeds from derivative settlements | 24 | 295 | - |
Pago de pasivos por arrendamiento | 28 | (761) | (470) |
|
|
| |
Efectivo neto utilizado en actividades de financiación. |
| (33,201) | (186,622) |
|
|
| |
| |||
Aumento / (disminución) neto de efectivo y equivalentes de efectivo |
| 778 | (70,091) |
|
| ||
Efectivo y equivalentes de efectivo al inicio del año |
| 71,085 | 141,176 |
|
|
| |
Efectivo y equivalentes de efectivo al final del año |
| 71,863 | 71,085 |
|
|
| |
| |||
|
|
Propiedades de Glenveagh plc
Notas a los estados financieros consolidados
Por el ejercicio cerrado el 31 de diciembre de 2023
1 Entidad informante
Glenveagh Properties plc ("the Company) is domiciled in the Republic of Ireland. The Company's registered office is Block C, Maynooth Business Campus, Maynooth Co. Kildare. These consolidated financial statements comprise the Company and its subsidiaries (together referred to as "the Group") and cover the financial year ended 31 December 2023. The Group's principal activities are the construction and sale of houses and apartments for the private buyer, local authorities and the private rental sector.
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS's) as adopted by the European Union which comprise standards and interpretations approved by the International Accounting Standards Board (IASB), and those parts of the Companies Act 2014, including the Commission Delegated Regulation 2018/815 regarding the single electronic reporting format (ESEF), applicable to companies reporting under IFRS and Article 4 of the IAS regulation.
2 Declaración de cumplimiento
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS's) as adopted by the European Union which comprise standards and interpretations approved by the International Accounting Standards Board (IASB), and those parts of the Companies Act 2014 applicable to companies reporting under IFRS and Article 4 of the IAS regulation.
3 Moneda funcional y de presentación
Estos estados financieros consolidados se presentan en euros, que es la moneda funcional de la Compañía. Todos los montos se han redondeado al millar más cercano a menos que se indique lo contrario.
4 Uso de juicios y estimaciones
The preparation of the Group's financial statements under International Financial Reporting Standards ("IFRS"), as adopted by the European Union, requires the Directors to make judgments and estimates that affect the application of policies and the reported amounts of assets, liabilities, income, expenses and related disclosures. Actual results may differ from these estimates.
Juicios contables críticos
Management applies the Group's accounting policies as described in Note 8 when making critical accounting judgements, of which no individual judgement is deemed to have a significant impact upon the financial statements.
Fuentes clave de incertidumbre en la estimación
La fuente clave de incertidumbre significativa en la estimación que afecta estos estados financieros implica evaluar el valor en libros de los inventarios como se detalla a continuación.
(a) Carrying value of work-in-progress, estimation of costs to complete and impact on profit recognition
The Group holds inventories stated at the lower of cost and net realisable value. Such inventories include land and development rights, work-in-progress and completed units. As residential development is largely speculative by nature, not all inventories are covered by forward sales contracts. Furthermore, due to the nature of the Group's activity and, in particular the scale of its developments and the length of the development cycle, the Group has to allocate site-wide development costs between units being built and/or completed in the current year and those for future years. It also has to forecast the costs to complete on such developments.
These estimates impact management's assessment of the net realisable value of the Group's inventory balance and also determine the extent of profit or loss that should be recognised in respect of each development in each reporting period.
In making such assessments and allocations there is a degree of inherent estimation uncertainty. The Group has established internal controls designed to effectively assess and centrally review inventory carrying values and ensure the appropriateness of the estimates made. These assessments and allocations evolve over the life of the development in line with the risk profile, and
accordingly, the margin recognised reflects these evolving assessments, particularly in relation to the Group's long-term developments. The impact of sustainability and other macroeconomic factors have been considered in the Group's assessment of the carrying value of its inventories at 31 December 2023, particularly with regard to the potential implications for future selling prices, development expenditure and construction programming. Management has considered a number of scenarios on each of its active developments and the consequential impact on future profitability based on current facts and circumstances together with any implications for future projects in undertaking its net realisable value calculations.
As part of the assessment, the Group has re-evaluated its most likely exit strategies on all developments in the context of the current market environment and reflected these in revenue assumptions within the forecast models. The results of this exercise determined that the net impairment charge or reversal required for the period was ?Nil (2022: Nil).
Management have performed a sensitivity analysis to assess the impact of a change in estimated costs for developments on which sales were recognised in the year. A 1%-4% increase in estimated costs recognised in the year, which is considered to be reasonably possible, would reduce the Group's gross margin by approximately 118-333bps (2022: 58-174bps).
5 Measurement of fair values
A number of the Group's accounting policies and disclosures require the measurement of fair values, both for financial and non-financial assets and liabilities.
The Group has an established control framework with respect to the measurement of fair values. This includes a valuation team that has overall responsibility for overseeing all significant fair value measurements, including Level 3 fair values and reports directly to the chief financial officer.
The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair values, then the valuation team assess the evidence obtained from the third parties to support the conclusion that these valuations meet the requirements of the Standards, including the level in the fair value hierarchy in which the valuations should be classified.
Significant valuation issues are reported to the Group's Audit and Risk committee.
Fair value is defined in IFRS 13, Fair Value Measurement, as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When measuring the fair value of an asset or liability, the Group uses market observable data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:
Nivel 1: precios cotizados (sin ajustar) en mercados activos para activos o pasivos idénticos.
Nivel 2: datos de entrada distintos de los precios cotizados incluidos en el Nivel 1 que son observables para el activo o pasivo, ya sea directamente (es decir, como precios) o indirectamente (es decir, derivados de los precios).
Nivel 3: datos de entrada para el activo o pasivo que no se basan en datos de mercado observables (datos de entrada no observables).
En las siguientes notas se incluye información adicional sobre los supuestos hechos al medir los valores razonables:
· Note 14 Share-based payments arrangements;
· Note 21 Trade and other payables;
· Note 24 Derivatives and cashflow hedge reserve; and
· Note 27 Financial instruments and financial risk management.
6 Changes in material accounting policies
Amendments to standard IAS 12 Income taxes: International Tax Reform - Pillar Two Model Rules; Deferred Tax Related to Assets and Liabilities Arising From a Single Transaction, IFRS 17 Insurance Contracts: amendments to IFRS 17 insurance contracts; Initial Application of IFRS 17 and IFRS 9 - Comparative Information and IAS 8 Accounting policies, Changes In Accounting Estimates And Errors: Definition of accounting estimates and errors, are effective from 1 January 2023 but they do not have a material effect on the Group's financial statements.
(i) New material accounting policies
a) Derivative contracts and hedge accounting
El Grupo ha contratado derivados relacionados con un swap de tipos de interés para gestionar el riesgo de tipo de interés derivado de los préstamos a tipo variable. Los derivados se reconocen inicialmente a su valor razonable en la fecha en que se celebra un contrato de derivados y posteriormente se vuelven a medir a su valor razonable al final de cada período sobre el que se informa. La contabilización de cambios posteriores en el valor razonable depende de si el derivado se designa como instrumento de cobertura y, de ser así, de la naturaleza de la partida que se cubre.
El grupo designa ciertos derivados como coberturas de un riesgo particular asociado con los flujos de efectivo de activos y pasivos reconocidos y transacciones previstas altamente probables (coberturas de flujos de efectivo).
Los cambios en el valor razonable de los instrumentos derivados de cobertura designados como coberturas de flujo de efectivo se reconocen en otros resultados integrales en la medida en que la cobertura sea efectiva. La ganancia o pérdida relativa a la porción inefectiva se reconoce inmediatamente en resultados.
Los montos acumulados en otro resultado integral se reclasifican al resultado del periodo en los mismos períodos en que las partidas cubiertas afectan el resultado del periodo. La ganancia o pérdida reclasificada relacionada con la parte efectiva de los swaps de tasa de interés que cubren préstamos a tasa variable se reconoce en resultados dentro de ingresos o costos financieros, respectivamente.
Si el instrumento de cobertura ya no cumple los criterios para la contabilidad de cobertura, vence o se vende, cancela o ejerce, entonces la contabilidad de cobertura se discontinua de forma prospectiva. La ganancia o pérdida acumulada previamente reconocida en otro resultado integral permanece allí hasta que ocurra la transacción prevista, a menos que ya no se espere que ocurra la transacción cubierta, en cuyo caso la ganancia o pérdida acumulada previamente reconocida en otro resultado integral permanece allí hasta que ocurra la transacción prevista, a menos que ya no se espere que ocurra la transacción cubierta.
La ganancia o pérdida que fue previamente reconocida en otro resultado integral se transfiere a resultados.
Al inicio de la relación de cobertura, el grupo documenta la relación económica entre los instrumentos de cobertura y los elementos cubiertos, incluso si se espera que los cambios en los flujos de efectivo de los instrumentos de cobertura compensen los cambios en los flujos de efectivo de los elementos cubiertos. El grupo documenta su objetivo y estrategia de gestión de riesgos para realizar sus operaciones de cobertura.
La totalidad del valor razonable de un derivado de cobertura se clasifica como activo o pasivo no corriente cuando el vencimiento remanente de la partida cubierta es superior a 12 meses; se clasifica como activo o pasivo corriente cuando el vencimiento remanente de la partida cubierta es inferior a 12 meses.
b) Research and development costs
Expenditure on research activities is recognised in profit or loss as incurred.
Development expenditure is capitalised only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable and the Group intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognised in profit or loss as incurred. Subsequent to initial recognition, development expenditure is measured at cost less accumulated amortisation and any accumulated impairment losses.
c) Disclosure of accounting policies (amendments to IAS 1 and IFRS Practice Statement 2)
The Group adopted Disclosure of Accounting Policies (amendments to IAS 1 and IFRS Practice Statement 2) from 1 January 2023. The amendments did not result in any material changes to the accounting policies and accounting policy information disclosed in the financial statements.
The amendments require the disclosure of material rather than significant accounting policies. The amendments also provide guidance on the application of materiality to disclosure of accounting policies, assisting entities to provide useful, entity specific accounting policy information that users need to understand other information in the financial statements.
There have been no other changes to material accounting policies during the financial year ended to 31 December 2023.
(ii) Other standards
The Group has not adopted the following new and amended standards early, and instead intends to apply them from their effective date as determined by the date of EU endorsement. The potential impact of these amendments to standards on the Group is under review:
- NIC 7 Estado de flujos de efectivo y NIIF 7 Instrumentos Financieros: Divulgaciones: Acuerdos financieros con proveedores (amendment) (effective 01/01/2024)
- NIC 1 Presentación de estados financieros:
o Clasificación de Pasivos como Fecha Corriente o No Corriente (amendment) (effective 01/01/2024)
o Clasificación de Pasivos como Corrientes o No Corrientes - Diferimiento de Fecha de Vigencia (modificación) (aún no vigente)
o Pasivos no corrientes con convenios (amendment) (effective 01/01/2024)
- NIIF 16 Arrendamientos: Responsabilidad por arrendamiento en una venta con arrendamiento posterior (enmienda) (aún no vigente)
- IAS 21 The Effects of Changes in Foreign Exchange Rates - Lack of Exchangeability (amendment) (effective 01/01/2024)
- ESRS S1 General Requirements for Disclosure of Sustainability-related Financial Information (not yet effective)
- ESRS S2 Climate-related Disclosures (not yet effective)
7 Going Concern
The Group has recorded a profit before tax of ?55.1 million (2022: ?63.0 million. The Group has an unrestricted cash balance of ?46.9 million (31 December 2022: ?46.1 million) exclusive of the minimum cash balance of ?25.0 million which the Group is required to maintain under the terms of its debt facilities. The Group has committed undrawn funds available of ?233.3 million (31 December 2022: ?150.0 million).
Management has prepared a detailed cash flow forecast to assess the Group's ability to continue as a going concern for at least a period of twelve months from the signing of these financial statements. The preparation of this forecast considered the principal risks facing the Group, including those risks that could threaten the Group's business model, future performance, solvency or liquidity over the forecast period. These principal risks and uncertainties and the steps taken by the Group to mitigate them are detailed in the Risk Management Report of the Annual Report. The Group's business
activities, together with the factors likely to affect its future development are outlined in the Strategic Report of the Annual Report. Further disclosures regarding the Group's loans and borrowings are provided in note 22.
El Grupo prevé el cumplimiento de todos los requisitos de las condiciones actuales, incluido el acuerdo de cobertura de intereses, que se basa en las ganancias antes de intereses, impuestos, depreciación y amortización (EBITDA), excluyendo cualquier cargo o reversión por deterioro no monetario. La deuda total no debe exceder el EBITDA ajustado en un mínimo de 4 veces; esto se calcula tanto sobre la base de los doce meses adelantados como de los últimos doce meses. Otras suposiciones dentro del pronóstico incluyen los precios de venta esperados del Grupo y las estrategias de ventas, así como su inversión en trabajos en progreso que reflejan programas de desarrollo actualizados.
Based on the forecasts modelled, the Directors have assessed the Group's going concern status for the foreseeable future. Having considered the Group's cash flow forecasts, the Directors are satisfied that the Group has the appropriate working capital management strategy, operational flexibility, and resources in place to continue in operational existence for the foreseeable future. Accordingly, these consolidated financial statements have been prepared on a going concern basis.
8 Material accounting policies
The Group has consistently applied the following accounting policies to all periods presented in these consolidated financial statements, except if mentioned otherwise.
The Group adopted Disclosure of accounting policies (amendments to IAS 1 and IFRS Practice Statement 2) from 1 January 2023. The amendments require the disclosure of material rather than significant accounting policies. Although the amendments did not result in any material changes to the accounting policies themselves, they impacted the accounting policy information disclosed in the financial statements in certain instances.
8.1 Base de consolidación
(i) Business combinations
El Grupo contabiliza las combinaciones de negocios utilizando el método de adquisición cuando el control se transfiere al Grupo. La contraprestación transferida en la adquisición generalmente se mide a valor razonable, al igual que los activos netos identificables adquiridos. Cualquier fondo de comercio que surja se prueba anualmente por deterioro. Cualquier ganancia en una compra ventajosa se reconoce en resultados inmediatamente. Los costos de transacción se registran como gastos cuando se incurren, excepto si están relacionados con la emisión de títulos de deuda o de capital.
The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured, and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value each reporting date and subsequent changes in the fair value of the contingent consideration are recognised in profit or loss.
(ii) Subsidiaries
Las subsidiarias son entidades controladas por el Grupo. El Grupo controla una entidad cuando está expuesto a, o tiene derecho a, rendimientos variables derivados de su participación en la entidad y tiene la capacidad de afectar esos rendimientos a través de su poder sobre la entidad. Los estados financieros de las subsidiarias se incluyen en los estados financieros consolidados desde la fecha en que comienza el control hasta la fecha en que cesa el control.
(iii) Operaciones conjuntas
Joint operations arise where the Group has joint control of an operation with other parties, in which the parties have direct rights to the assets and obligations of the operation. The Group accounts for its share of the jointly controlled assets and liabilities and income and expenditure on a line by line basis in the consolidated financial statements.
(iv) Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated.
Ingresos 8.2
The Group develops and sells residential properties and non-core land in addition to developing land under development agreements with third parties.
(i) Housing and land sales
Revenue is recognised at the point in time when control over the property has been transferred to the customer, which occurs at legal completion.
(ii) Development revenue
Revenue arising on contracts under a development agreement which give the customer control over properties as they are constructed, and for which the Group has a right to payments for work performed, is recognised over time. Revenue and costs are recognised over time with reference to the stage of completion of the contract activity at the balance sheet date where the outcome of a contract can be estimated reliably. This is measured by surveys of work performed to date. Variations in contract work, claims and incentive payments are included to the extent that it is probable that they will result in revenue, and they are capable of being reliably measured. When land is transferred at the start of a contract, revenue is not recognised until control has been transferred to the customer which includes legal title being passed to them. Where the outcome of a contract cannot be estimated reliably, contract revenue where recoverability is probable is recognised to the extent of contract costs incurred. The costs associated with fulfilling a contract are recognised as expenses in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.
8.3 Expenditure
Expenditure recorded in inventory is expensed through cost of sales at the time of the related property sale. The amount of cost related to each property includes its share of the overall site costs. Expenditure related to revenue recognised over time is expensed through cost of sales on an inputs basis. Administration expense is recognised in respect of goods and services received when supplied in accordance with contractual terms.
Expenditure on research activities is recognised in profit or loss as incurred.
Impuestos 8.4
El gasto por impuesto a las ganancias comprende el impuesto corriente y diferido. Se reconoce en utilidad o pérdida excepto en la medida en que se relacione con una combinación de negocios, o partidas reconocidas directamente en patrimonio o en ORI.
The Group has determined that the global minimum top-up tax is an income tax in the scope of IAS 12.
(i) Impuesto corriente
Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. The amount of
current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates
enacted or substantively enacted at the reporting date. Current tax also includes any tax arising from dividends.
Los activos y pasivos por impuestos corrientes se compensan solo si se cumplen ciertos criterios.
(ii) Impuesto diferido
El impuesto diferido se reconoce con respecto a las diferencias temporarias entre los importes en libros de los activos y pasivos a efectos de información financiera y los importes utilizados a efectos fiscales.
No se reconoce impuesto diferido para:
- temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences;
- diferencias temporarias relacionadas con inversiones en subsidiarias, asociadas y acuerdos conjuntos en la medida en que el Grupo pueda controlar el momento de la reversión de las diferencias temporarias y sea probable que no se revertirán en un futuro previsible; y
- las diferencias temporarias imponibles surgidas en el reconocimiento inicial del fondo de comercio.
Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognise a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the business plans for individual subsidiaries in the
Group. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable profits improves. Once changes to the tax laws in any jurisdiction in which the Group operates are enacted or substantively enacted, the Group may be subject to the top-up tax. Currently, the Group operates solely in the Republic of Ireland, based on current criteria there is no current tax impact
Los activos por impuestos diferidos no reconocidos se reevalúan en cada fecha de presentación de informes y se reconocen en la medida en que sea probable que se disponga de ganancias fiscales futuras contra las que puedan utilizarse.
Deferred tax is measured at the tax rates that are expected to be applied to temporary difference when they reverse, using tax rates enacted or substantively enacted at the reporting date, and reflects uncertainty related to income taxes, if any.
La medición del impuesto diferido refleja las consecuencias fiscales que se derivarían de la forma en que el Grupo espera, a la fecha de presentación, recuperar o liquidar el valor en libros de sus activos y pasivos.
8.5 Acuerdos de pagos basados en acciones
The grant date fair value of equity-settled share-based payment arrangements granted to employees is generally recognised as an expense, with a corresponding increase in equity, over the vesting period of the awards. The amount recognised as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognised is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions or market conditions, the grant date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes.
8.6 artículos excepcionales
Exceptional items are those that are separately disclosed by virtue of their nature or amount in order to highlight such items within the consolidated statement of profit or loss for the financial year. Group management exercises judgement in assessing each particular item which, by virtue of its scale or nature, should be highlighted as an exceptional item. Exceptional items are included within the profit or loss caption to which they relate.
During the financial year, there were no income or costs considered exceptional items.
8.7 Propiedades, planta y equipo
Property, plant and equipment is carried at historic purchase cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is provided to write off the cost of the assets on a straight-line basis to their residual value over their estimated useful lives at the following annual rates:
· Buildings 2.5%
· Plant and machinery 14-20%
· Fixtures and fittings 20%
· Computer Equipment 33%
The assets' residual values, carrying values and useful lives are reviewed on an annual basis and adjusted if appropriate at each reporting date.
Where an impairment is identified, the recoverable amount of the asset is identified and an impairment loss, where appropriate, is recognised in the statement of profit or loss and other comprehensive income.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within administration expenses in the statement of profit or loss and other comprehensive income.
Los desembolsos posteriores se capitalizan solo si es probable que los beneficios económicos futuros asociados con los desembolsos fluyan al Grupo.
8.8 Activos intangibles
Goodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses. Goodwill impairments are not reversed. Goodwill is not amortised but is subject to impairment testing on an annual basis and at any time during the year if an indicator of impairment is considered
to exist. The annual goodwill impairment tests are undertaken at a consistent time in each annual period.
Development expenditure is capitalised only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable and the Group intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognised in profit or loss as incurred. Subsequent to initial recognition, development expenditure is measured at cost less accumulated amortisation and any accumulated impairment losses. Capitalised development expenditure has an indefinite useful life.
Indefinite life intangible assets are those for which there is no foreseeable limit to their expected useful life. The classification of intangible assets as indefinite is assessed annually.
Los desembolsos posteriores se capitalizan solo si es probable que los beneficios económicos futuros asociados con los desembolsos fluyan al Grupo.
Computer software is capitalised as intangible assets as acquired and amortised on a straight-line basis over its estimated useful life of 3 years, in line with the period over which economic benefit from the software is expected to be derived.
Licence costs are capitalised as intangible assets as acquired and amortised on a straight-line basis over their estimated useful life in line with the period over which economic benefit from the software is expected to be derived.
The assets' useful lives and residual values are reviewed and adjusted, if appropriate, at each reporting date.
8.9 Inventario
Inventory comprises property in the course of development, completed units, land and land development rights. Inventories are valued at the lower of cost and net realisable value. Direct cost comprises the cost of land, raw materials and development costs but excludes indirect overheads. Land purchased for development, including land in the course of development, is initially recorded at cost. Where such land is purchased on deferred settlement terms, and the cost differs from the amount that will subsequently be paid in settling the liability, this difference is charged as a finance cost in the statement of profit or loss and other comprehensive income over the period to settlement. A provision is made, where appropriate, to reduce the value of inventories and work-in-progress to their net realisable value.
Raw material and finished good stock are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow-moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
8.10 Instrumentos financieros
Activos y pasivos financieros
Under IFRS 9, financial assets and financial liabilities are initially recognised at fair value and are subsequently measured based on their classification as described below. Their classification depends on the purpose for which the financial instruments were acquired or issued, their characteristics and the Group's designation of such instruments. The standards require that all financial assets and financial liabilities be classified as fair value through profit or loss ("FVTPL"), amortised cost, or fair value through other comprehensive income ("FVOCI").
Clasificación de instrumentos financieros
The following summarises the classification and measurement the Group has elected to apply to each of its significant categories of financial instruments:
| NIIF 9 |
Tipo de Propiedad | Clasificación |
Activos financieros | |
Efectivo y equivalentes de efectivo | Costo amortizado |
Cuentas por cobrar comerciales | Costo amortizado |
Activos contractuales | Costo amortizado |
Otros ingresos | Costo amortizado |
Importes recuperables en contratos de construcción | Costo amortizado |
Efectivo restringido | Costo amortizado |
Depósitos para sitios | Costo amortizado |
Bonos de construcción | Costo amortizado |
| |
Pasivos financieros | |
Pasivos por arrendamiento | Costo amortizado |
Comercio a pagar | Costo amortizado |
Acumulaciones de inventario | Costo amortizado |
Otras acumulaciones | Costo amortizado |
Préstamos y empréstitos | Costo amortizado |
Contratos de derivados | Fair value (cash flow hedge accounting) |
Consideración contingente | Valor razonable a través de ganancias o pérdidas |
Efectivo y equivalentes de efectivo
Cash and cash equivalents include cash, short-term investments with an original maturity of three months or less and minimum cash balances required under the terms of the debt facilities. Interest earned or accrued on these financial assets is included in finance income.
Cuentas comerciales y otras cuentas por cobrar
Such receivables are included in current assets, except for those with maturities more than 12 months after the reporting date, which are classified as non-current assets. Loans and other receivables are included in trade and other receivables on the statement of financial position and are
accounted for at amortised cost. These assets are subsequently measured at amortised cost. The amortised cost is reduced by impairment losses. The Group recognises impairment losses on an 'expected credit loss' model (ECL model) basis in line with the requirements of IFRS 9. Interest income and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.
Importes recuperables en contratos de construcción
Amounts recoverable on construction contracts includes recoverable revenue recognised over time with reference to the stage of completion arising on contracts under a development agreement which are receivable within 12 months of the reporting date.
Activos contractuales
Contract assets are amounts recoverable on long-term contracts where revenue is recognised over time.
Depósitos para sitios
Deposits for sites includes a percentage amount paid of the total purchase price for the acquisition of land intended for development.
Efectivo restringido
Restricted cash includes cash amounts which are classified as current assets and held in escrow until the completion of certain criteria.
Bonos de construcción
Construction bonds includes amounts receivable in relation to the completion of construction activities on sites. These assets are included in trade and other receivables on the consolidated balance sheets and are accounted for at amortised cost.
Contratos de derivados
Derivative contracts are contracts for interest rate swaps to manage the interest rate risk arising from floating rate borrowings. Derivatives are initially recognised at fair value on the date a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period.
Pasivos financieros
Financial liabilities such as inventory and other accruals are recorded at amortised cost and include all liabilities.
Préstamos y empréstitos
Loans and borrowings include debt facilities, interest accrued and borrowing costs classified as current and non-current liabilities.
Consideración contingente
Contingent consideration includes amounts payable if conditions pertaining to the business combination are satisfied.
8.11 Provisiones
Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events and it is probable that an outflow of resources will be required to settle that obligation, and the amount has been reliably estimated.
Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability, where the effect of discounting is considered significant. The unwinding of the discount is recognised as a finance cost.
8.12 Pensiones
The Group operates a defined contribution scheme. The assets of the scheme are held separately from those of the Group in a separate fund. Obligations for contributions to defined contribution plans are expensed as the related service is provided.
8.13 Arrendamientos
At the inception of a contract, the Group assess whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
i. As a lessee
At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component and non-lease component on the basis of its relative stand-alone prices. However, for the leases of property the Group has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component.
El Grupo reconoce un activo por derecho de uso y un pasivo por arrendamiento en la fecha de inicio del arrendamiento. El activo por derecho de uso se mide inicialmente al costo, que comprende el monto inicial del pasivo por arrendamiento ajustado por cualquier pago de arrendamiento realizado en o antes de la fecha de inicio, más cualquier costo directo inicial incurrido y una estimación de los costos de desmantelamiento y retiro. el activo subyacente o para restaurar el activo subyacente o el sitio en el que se encuentra, menos los incentivos de arrendamiento recibidos.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the
underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and motor vehicles. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease, or, if that rate cannot be readily determined, the Group's incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.
The Group determines its incremental borrowing rate with reference to its current financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased.
Lease payments included in the measurement of the lease liability comprise fixed payments, including in-substance fixed payments;
The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in the future lease payments arising from a change in an index or rate, if there is a change in the Group's estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment.
Cuando el pasivo por arrendamiento se vuelve a medir de esta manera, se realiza el ajuste correspondiente al importe en libros del activo por derecho de uso o se registra en resultados si el importe en libros del activo por derecho de uso se ha reducido a cero.
The Group presents right-of-use assets that do not meet the definition of investment property in 'property, plant and equipment' and lease liabilities in 'lease liability' in the statement of financial position.
Arrendamientos a corto plazo y arrendamientos de activos de bajo valor
The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-term lease. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term in the income statement.
8.14 Capital social
(i) Acciones ordinarias
Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity (retained earnings).
(ii) Founder Shares
Founder Shares were initially issued as ordinary shares and subsequently re-designated as Founder Shares. Following re-designation, the instruments are accounted for as equity-settled share-based payments as set out at Note 8.5 above.
8.15 Ingresos y costos financieros
Los ingresos y gastos financieros del Grupo incluyen:
· Ingresos por intereses
· Ingresos financieros
· Gastos por intereses
· Intereses de arrendamiento
Interest income and expense is recognised using the effective interest method.
8.16 Derivative contracts and hedge accounting
Derivatives are initially recognised at fair value on the date a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged.
El grupo designa ciertos derivados como coberturas de un riesgo particular asociado con los flujos de efectivo de activos y pasivos reconocidos y transacciones previstas altamente probables (coberturas de flujos de efectivo).
Los cambios en el valor razonable de los instrumentos derivados de cobertura designados como coberturas de flujo de efectivo se reconocen en otros resultados integrales en la medida en que la cobertura sea efectiva. La ganancia o pérdida relativa a la porción inefectiva se reconoce inmediatamente en resultados.
Los montos acumulados en otro resultado integral se reclasifican al resultado del periodo en los mismos períodos en que las partidas cubiertas afectan el resultado del periodo. La ganancia o pérdida reclasificada relacionada con la parte efectiva de los swaps de tasa de interés que cubren préstamos a tasa variable se reconoce en resultados dentro de ingresos o costos financieros, respectivamente.
If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, then hedge accounting is discontinued prospectively. The cumulative gain or loss previously recognised in other comprehensive income remains there until the forecast transaction occurs, unless the hedged transaction is no longer expected to occur, in which case the cumulative gain or loss that was previously recognised in other comprehensive income is transferred to profit and loss.
Al inicio de la relación de cobertura, el grupo documenta la relación económica entre los instrumentos de cobertura y los elementos cubiertos, incluso si se espera que los cambios en los flujos de efectivo de los instrumentos de cobertura compensen los cambios en los flujos de efectivo de los elementos cubiertos. El grupo documenta su objetivo y estrategia de gestión de riesgos para realizar sus operaciones de cobertura.
La totalidad del valor razonable de un derivado de cobertura se clasifica como activo o pasivo no corriente cuando el vencimiento remanente de la partida cubierta es superior a 12 meses; se clasifica como activo o pasivo corriente cuando el vencimiento remanente de la partida cubierta es inferior a 12 meses.
9 Información segmentaria
The Group has considered the requirements of IFRS 8 Segmentos operativos in the context of how the business is managed and resources are allocated.
The Group is organised into three key reportable segments, being Suburban, Urban and Partnerships. Internal reporting to the Chief Operating Decision Maker ("CODM") is provided on this basis. The CODM has been identified as the Executive Committee.
The Group currently operates solely in the Republic of Ireland and therefore no geographically segmented financial information is provided.
Suburbano
The Suburban segment is focussed primarily on high quality housing (with some low rise apartments) with demand coming from private buyers and institutions. Our core Suburban product is affordable and located in well serviced communities predominantly in the Greater Dublin Area and Cork.
Urbano
Urban's strategic focus is developing apartments to deliver to institutional investors. The apartments are located primarily in Dublin and Cork, but also on sites adjacent to significant rail transportation hubs. Urban's strategy is to deliver the product to institutional investors through a forward sale, or forward fund transaction providing longer term earnings visibility.
Alianzas y partenariados
A Partnership will typically involve the Government, local authorities, or state agencies contributing their land on a reduced cost, or phased basis into a development agreement with Glenveagh. Approximately 50% of the product is delivered back to the government or local authority via social and
affordable homes. This provides longer term access to both land and unit deliveries for the business and provides financial incentive by reducing risk from a sales perspective.
Resultados financieros segmentados
|
|
| ||
| 2023 | 2022 | ||
| ?'000 | ?'000 | ||
Ingresos |
|
|
| |
Suburbano |
| 470,820 | 454,540 | |
Urbano |
| 120,122 | 190,166 | |
Alianzas y partenariados |
| 16,996 | - | |
|
|
| ||
| ||||
Ingresos de los segmentos notificables |
| 607,938 | 644,706 | |
|
|
|
|
|
| ||
| 2023 | 2022 | ||
| ?'000 | ?'000 | ||
Ganancia / (pérdida) operativa |
|
|
| |
Suburbano |
| 79,872 | 70,353 | |
Urbano |
| 12,367 | 21,532 | |
Alianzas y partenariados |
| 513 | (1,565) | |
|
|
| ||
|
| |||
Utilidad operativa para segmentos reportables |
| 92,752 | 90,320 | |
|
|
| ||
|
| |||
Reconciliation to results for the financial year |
|
| ||
Resultados del segmento - utilidad operativa |
| 92,752 | 90,320 | |
Gastos financieros |
| (15,839) | (7,094) | |
Remuneración del Director |
| (3,488) | (3,402) | |
Costos de nómina de funciones corporativas |
| (5,871) | (6,081) | |
depreciación y amortización |
| (2,449) | (2,081) | |
Honorarios profesionales |
| (3,075) | (4,992) | |
costes de IT |
| (2,060) | (1,673) | |
Gastos de pago basados en acciones |
| (2,137) | (1,717) | |
Utilidad por venta de propiedades, planta y equipo |
| 214 | 1,501 | |
Otros costos corporativos |
| (2,937) | (1,780) | |
|
|
| ||
|
| |||
Beneficio antes de impuestos |
| 55,110 | 63,001 | |
|
|
|
Excluding profit on the sale of property, plant and equipment, there are no individual costs included within other corporate costs that is greater than the amounts listed in the above table.
31 de diciembre 2023 | 31 de diciembre 2022 | ||||||||
Suburbano | Urbano | Alianzas y partenariados | Total | Suburbano | Urbano | Alianzas y partenariados | Total | ||
?'000 | ?'000 | ?'000 | ?'000 | ?'000 | ?'000 | ?'000 | ?'000 | ||
|
|
|
|
|
|
|
| ||
Activos del segmento | 555,329 | 185,525 | 49,865 | 790,719 | 590,321 | 153,018 | 6,452 | 749,791 | |
|
|
|
|
|
| ||||
| |||||||||
Conciliación con el balance general consolidado |
|
| |||||||
Activos por impuestos diferidos |
|
| 884 | 620 | |||||
Cuentas comerciales y otras cuentas por cobrar |
|
| 1,010 | 785 | |||||
Efectivo y equivalentes de efectivo |
|
| 71,863 | 71,085 | |||||
Propiedad, planta y equipo. |
|
| 64,184 | 51,750 | |||||
Impuesto sobre la renta por cobrar |
|
| 3,901 | - | |||||
Activos intangibles |
|
| 2,781 | 1,770 | |||||
|
|
|
| ||||||
|
|
|
| ||||||
|
| 935,342 | 875,801 | ||||||
|
| ||||||||
Pasivos por segmento | 92,520 | 15,191 | 19,395 | 127,106 | 69,138 | 9,876 | 159 | 79,173 | |
|
|
|
|
|
| ||||
Conciliación con el balance general consolidado |
|
| |||||||
Comerciales y otras cuentas a pagar |
|
| 7,363 | 17,561 | |||||
Préstamos y empréstitos |
|
| 115,645 | 80,640 | |||||
Contratos de derivados |
|
| 1,623 | - | |||||
Pasivos por arrendamiento |
|
| 5,449 | 4,744 | |||||
Impuesto sobre la Renta por pagar |
|
| - | 565 | |||||
|
|
|
| ||||||
|
|
|
| ||||||
|
| 257,186 | 182,683 | ||||||
|
|
10 Ingresos
2023 | 2022 | ||
?'000 | ?'000 | ||
Suburbano |
| ||
Core | 470,820 | 451,930 | |
No básico | - | 2,610 | |
|
|
| |
|
470,820 |
454,540 | |
|
|
| |
|
| ||
Urbano
|
| ||
Core | 95,561 | 176,570 | |
No básico | 24,561 | 13,596 | |
|
| ||
120,122 |
190,166 | ||
|
| ||
Alianzas y partenariados
| |||
Core | 16,996 | - | |
|
| ||
16,996 |
- | ||
|
| ||
|
| ||
Los ingresos totales |
607,938 |
644,706 | |
|
|
The Group has presented revenue as a split between core and non-core by business segment. This split is consistent with internal reporting to the Chief Operating Decision Maker ("CODM").
Core suburban product relates to affordable starter homes for first time buyers. Core urban product relates primarily to apartments suitable for institutional investors. Non-core suburban and urban product relates to high-end, private developments and sites. Core and non-core suburban and urban revenue is recognised at a point in time. Non-core suburban and urban cost of sales is mostly attributable to land and development expenditure costs for high end, private developments and sites.
Urban core revenue includes income from the sale of land and development revenue from construction contracts that are recognised over time by reference to the stage of completion of the contract with the customer. Development revenue recognised in the financial year related to the development of the sites at Barn Oaks Apartments, Castleforbes and Carpenterstown and amounted to ?95.6 million (2022: ?82.1 million) with ?25.5 million (2022: ?32.1 million) outstanding in contract receivables (note 20) at the year end. The payment terms for these contracts are between 30 and 90 days.
Partnerships revenue includes income from the sale of units recognised at a point in time and development revenue from construction contracts that are recognised over time by reference to the stage of completion of the contract with the customer. Development revenue recognised in the financial year related to the development of the sites at Ballymastone and Oscar Traynor Road and amounted to ?17.0 million (2022: ?Nil) with the full amount (2022: ?Nil) outstanding in contract assets (note 20) at the year end. No units were sold during the current year.
All revenue is earned in the Republic of Ireland.
11 Finance Expense
|
| 2023 | 2022 |
| ?'000 | ?'000 | |
| |||
Interest on secured bank loans | 16,084 | 7,049 | |
Cahflow hedges-reclassified from other comprehensive income | (383) | - | |
Costo financiero de los pasivos por arrendamiento | 138 | 45 | |
|
| ||
| |||
15,839 | 7,094 | ||
|
|
|
12 | Statutory and other information |
|
|
|
2023 | 2022 | |||
?'000 | ?'000 | |||
| ||||
Amortización de activos intangibles (Nota 18) | 534 | 487 | ||
Depreciation of property, plant and equipment (Note 17)* | 5,159 | 3,509 | ||
Employment costs (Note 13) | 46,264 | 40,337 | ||
Beneficio por enajenación de propiedades, planta y equipo | (214) | (1,501) | ||
|
| |||
| ||||
Auditoría de estados financieros del Grupo, Compañía y subsidiarias | 280 | 255 | ||
Otros servicios de aseguramiento | 20 | 20 | ||
Servicios de asesoría fiscal | 67 | 30 | ||
Servicios de cumplimiento tributario | 36 | 43 | ||
Otros servicios distintos a los de auditoría | 25 | 20 | ||
|
| |||
428 | 368 | |||
|
| |||
Remuneración del Director | ||||
Salaries, fees and other emoluments | 3,438 | 3,252 | ||
Contribuciones a las pensiones | 50 | 150 | ||
|
| |||
| ||||
3,488 | 3,402 | |||
|
|
*Includes ?3.3 million (2022: ?2.1 million) capitalised in inventory during the year ended 31 December 2023
**Included in the auditor's remuneration for the Group is an amount of ?0.025million (2022:?0.020 millón) that relates to the Company's financial statements.
13 Employment costs
The average number of persons employed by the Group (including executive directors) during the financial year was 513 (Executive Committee: 6; Non-executive Directors: 5; Construction:301; and Other: 201) (2022:423 (Executive Committee: 6; Non-executive Directors: 5; Construction: 227; and Other: 185))
The aggregate payroll costs of these employees for the financial year were:
2023 | 2022 | ||
Total | Total | ||
?'000 | ?'000 | ||
|
| ||
Sueldos y salarios | 38,550 | 33,734 | |
Costos de bienestar social | 4,126 | 3,540 | |
Costos de pensión - contribución definida | 1,451 | 1,346 | |
Gasto por pago basado en acciones (Nota 14) | 2,137 | 1,717 | |
|
| ||
46,264 | 40,337 | ||
|
|
?18.9 millones (2022: ?15.4 million) of employment costs were capitalised in inventory during the financial year.
14 Share-based payment arrangements
The Group operates two equity-settled share-based payment arrangements being the Long-Term Incentive Plan ("LTIP") and the Savings Related Share Option Scheme (known as the Save As You Earn or "SAYE" scheme). As described below, options were granted under the terms of the LTIP and SAYE schemes during the financial year.
(a) LTIP
In February 2023, the Remuneration Committee approved the grant of 5,515,311 options to certain members of the management team in accordance with the terms of the Company's LTIP. These options will vest on completion of a three-year service period from grant date subject to the achievement of certain performance condition hurdles based on the Company's Return on Equity (ROE) and Earnings per Share (EPS) across the vesting period. 50% of the awards will vest based on the Group's ROE for the financial year ended 31 December 2025. The EPS based options will vest based on the Group's EPS* for the financial year ended 31 December 2025. 25% of ROE based options vest should the Group achieve ROE of 11.0% with the remaining options vesting on a pro rata basis up to 100% if ROE of 16.2% is achieved. 25% of EPS based options will vest should the Group achieve Group EPS* of 14.0 cents per share with the remaining options vesting on a pro rata basis up to 100% if Group EPS* of 22.0 cents per share is achieved. In line with the Group's remuneration policy, LTIP awards granted to Executive Directors from 2020 onwards include a holding period of at least two years post exercise.
| Número de Opciones 2023 | Número de Opciones 2022 |
| ||
Opciones de LTIP en vigor al 1 de enero | 13,022,830 | 10,583,497 |
Otorgado durante el ejercicio | 5,515,311 | 4,568,698 |
Decomisado durante el ejercicio | (284,403) | (264,729) |
Caducado durante el ejercicio | (1,067,076) | - |
Ejercido durante el ejercicio económico | (3,226,235) | (1,864,636) |
|
|
|
LTIP options in issue at 31 December |
13,960,427 |
13,022,830 |
|
|
|
| ||
Ejercitable al 31 de diciembre | 388,859 | 461,395 |
|
|
|
LTIP options were exercised during the financial year with the average share price being ?1.00 (2022: ?1.00). The options outstanding at 31 December 2023 had an exercise price ?0.001 (2022: ?0.001) and a weighted-average contractual life of 7 years (2022: 7 years).
The EPS and ROE related performance conditions are non-market conditions and do not impact the fair value of the EPS or ROE based awards at grant date which is equivalent to the share price at grant date. The fair value of LTIP options granted in the prior periods which were based on market conditions were measured using a Monte Carlo simulation. There is no Total Shareholder Return (TSR) linked performance condition for options granted in the period and therefore no fair value exercise was performed related to this performance condition. Service and non-market conditions attached to the arrangements were not taken into account when measuring fair value. The inputs used in measuring fair value at grant date were as follows:
| 2023 | 2022 | ||
| Valor razonable a la fecha de concesión |
| ? 1.12 | ? 1.16 |
Precio de la acción en la fecha de concesión | ? 1.12 | ? 1.16 |
The exercise price of all options granted under the LTIP to date is ?0.001 and all options have a 7- year contractual life.
The Group recognised an expense of ?2.1 million (2022: ?1.7million) in the consolidated statement of profit or loss in respect of options granted under the LTIP.
(*Group EPS is defined as Basic Earnings Per Share as calculated in accordance with IAS 33 Earnings Per Share subject to adjustment by the Remuneration Committee at its discretion, for items deemed not reflective of the Group's underlying performance for the financial year.)
(b) SAYE Scheme
Under the terms of the scheme, employees may save up to ?500 per month from their net salaries for a fixed term of three or five years and at the end of the savings period they have the option to buy shares in the Company at a fixed exercise price. No options were granted in the current year or prior period and therefore no fair value exercise was performed.
Details of options outstanding and grant date fair value assumptions
| 2023 | 2022 | ||
| Número de Opciones 3 Año | Número de Opciones 5 Año | Número de Opciones 3 Año | Número de Opciones 5 Año |
| ||||
SAYE options in issue at 1 January | 590,220 | 165,000 | 799,740 | 165,000 |
Otorgado durante el ejercicio | - | - | - | - |
Decomisado durante el ejercicio | (19,167) | - | (32,520) | - |
Caducado durante el ejercicio | (720) | - | - | - |
Ejercido durante el ejercicio económico | (504,333) | - | (177,000) | - |
|
|
|
|
|
|
|
| ||
SAYE options in issue at 31 December | 66,000 | 165,000 | 590,220 | 165,000 |
|
|
|
|
|
The weighted average exercise price of all options granted under the SAYE to date is ?0.99 (2022: ?0.97).
The expected share price and TSR volatility was based on the historical volatility of a comparator group of peer companies over the expected life of the equity instruments granted together with consideration of the Group's actual trading volatility to date.
The Group recognised an expense of ?0.03 million (2022: ?0.06 million) in the consolidated statement of profit or loss in respect of options granted under the SAYE scheme.
15 Earnings por acción
a) Basic earnings per share
The calculation of basic earnings per share has been based on the profit attributable to ordinary shareholders and the weighted average numbers of shares outstanding for the financial year. There were 578,049,118 ordinary shares in issue at 31 December 2023 (2022: 638,131,722).
2023 | 2022 | ||||
Profit for the financial year attributable to ordinary shareholders (?'000) |
47,108 |
52,567 | |||
Weighted average number of shares for the financial year | 588,951,593 | 693,872,004 | |||
|
| ||||
Utilidad básica por acción (centavo) | 8.0 | 7.6 | |||
|
|
| |||
2023 | 2022* | |
No. de acciones | No. de acciones | |
Reconciliation of weighted average number of shares | ||
Number of ordinary shares at beginning of financial year | 638,131,722 | 771,770,694 |
Effect of share buyback | (52,032,676) | (78,865,173) |
Effect of SAYE maturity | 255,980 | 29,487 |
Effect of LTIP maturity | 2,596,567 | 936,996 |
|
| |
588,951,593 | 693,872,004 | |
|
| |
b) Dilutive earnings per share
Ganancias diluidas por acción
2023 | 2022 | ||
| |||
Profit for the financial year attributable to ordinary shareholders (?'000) |
47,108 |
52,567 | |
Weighted average number of shares for the financial year |
590,114,076 |
695,970,940 | |
|
| ||
| Utilidad diluida por acción (centavo) | 8.0 | 7.6 |
|
|
|
|
| 2023 | 2022 |
No. de acciones | No. de acciones | ||
Reconciliation of weighted average number of shares (diluted) | |||
Número medio ponderado de acciones ordinarias (básicas) | 588,951,593 | 693,872,004 | |
Effect of potentially dilutive shares | 1,162,483 | 2,098,936 | |
|
| ||
| |||
590,114,076 | 695,970,940 | ||
|
|
*The number of potentially issuable shares in the Group held under option arrangements at 31 December 2023 is 13,960,427 (2022: 13,022,830).
**Under IAS 33, LTIP arrangements have an assumed test period ending on 31 December 2023. Based on the assumed test period only the TSR performance condition was met related to LTIP options and therefore only ordinary shares related to this condition would be issued through the conversion of LTIP options. SAYE options matured in the year with ordinary shares related to this being issued through the conversation of the SAYE options.
At 31 December 2023 Nil options (2022: Nil options) were excluded from the diluted weighted average number of ordinary shares because their effect would have been anti-dilutive.
16 | Impuesto sobre la renta |
|
|
|
| 2023 | 2022 |
|
| ?'000 | ?'000 |
|
|
|
|
Current tax charge for the financial year | 8,148 | 10,650 | |
Deferred tax credit for the financial year | (146) | (216) | |
|
| ||
| |||
Cargo total por impuesto a las ganancias | 8,002 | 10,434 | |
|
|
| |
|
The tax assessed for the financial year differs from the standard rate of tax in Ireland for the financial year. The differences are explained below.
| 2023 | 2022 | |
| ?'000 | ?'000 | |
|
| ||
Beneficio antes de impuestos del ejercicio | 55,110 | 63,001 | |
|
|
| |
| |||
Carga de impuestos a la tasa de impuesto sobre la renta irlandesa estándar del 12.5 % | 6,889 | 7,875 | |
| |||
Efecto fiscal de: |
| ||
| Income taxed at the higher rate of corporation tax | 949 | 2,424 |
Gastos no deducibles - otros | 30 | 97 | |
Adjustment in respect of prior year under accrual | 134 | 38 | |
| |||
|
| ||
| |||
Cargo total por impuesto a las ganancias | 8,002 | 10,434 | |
|
|
| |
|
Movimiento en los saldos de impuestos diferidos |
|
|
| ||
| Saldo en |
| Saldo en | ||
| 1 enero | Reconocido en | 31 diciembre | ||
| 2023 | ganancia o pérdida | 2023 | ||
| ?'000 | ?'000 | ?'000 | ||
|
|
|
| ||
Gastos deducibles en ejercicios futuros |
| 619 | 265 | 884 | |
|
|
| |||
| 619 | 265 | 884 | ||
|
|
| |||
The expenses deductible in future periods arise in Ireland and have no expiry date. Based on profitability achieved in the period, the continued forecast profitability in the Group's strategic plan and the sensitivities that have been applied therein, management has considered it probable that future profits will be available against which the above tax expenses can be recovered and, therefore, the related deferred tax asset can be realised.
Impuesto mínimo global
To address concerns about uneven profit distribution and tax contributions of large multinational corporations, various agreements have been reached at a global level, including an agreement by over 135 jurisdictions to introduce a global minimum tax rate of 15%. In December 2022, the Organisation for Economic Co-operation and Development ("OCED") released a draft legislative framework that is expected to be used by individual jurisdictions that signed the agreement to amend their local tax laws. The Republic of Ireland has enacted the new legislation, however, based on the current criteria there is no current tax impact in the financial year as the Group is not in scope of the legislation (2022: ?Nil).
17 | Propiedad, planta y equipo. | Tierra & | Partidos de fútbol | Planta & | Módulo |
|
|
| edificios | y accesorios | maquinaria | equipo | Total |
?'000 | ?'000 | ?'000 | ?'000 | ?'000 | ||
Cost | ||||||
Al 1 de enero de 2023 | 36,322 | 2,096 | 22,495 | 950 | 61,863 | |
Adiciones | 12,584 | - | 5,015 | 550 | 18,149 | |
Disposiciones | (2,351) | - | (1,850) | - | (4,201) | |
|
|
|
|
| ||
|
|
|
|
| ||
Al 31 de diciembre de 2023 | 46,555 | 2,096 | 25,660 | 1,500 | 75,811 | |
|
|
|
|
| ||
|
|
|
|
|
| |
Depreciación acumulada |
|
|
|
|
| |
Al 1 de enero de 2023 | (2,964) | (654) | (5,868) | (627) | (10,113) | |
Cargo por el ejercicio | (1,592) | (242) | (3,127) | (198) | (5,159) | |
Disposiciones | 2,351 | - | 1,294 | - | 3,645 | |
|
|
|
|
| ||
|
|
|
|
| ||
Al 31 de diciembre de 2023 | (2,205) | (896) | (7,701) | (825) | (11,627) | |
|
|
|
|
| ||
Valor neto contable |
|
|
|
|
| |
Al 31 de diciembre de 2023 | 44,350 | 1,200 | 17,959 | 675 | 64,184 | |
|
|
|
|
| ||
|
| Tierra & | Partidos de fútbol | Planta & | Módulo |
|
|
| edificios | y accesorios | maquinaria | equipo | Total |
?'000 | ?'000 | ?'000 | ?'000 | ?'000 | ||
Cost | ||||||
Al 1 de enero de 2022 | 18,239 | 945 | 14,699 | 717 | 34,600 | |
Adquisiciones mediante combinaciones de negocios |
3,313 |
56 |
714 |
- |
4,083 | |
Adiciones | 15,315 | 1,095 | 7,874 | 308 | 24,592 | |
Disposiciones | (545) | - | (792) | (75) | (1,412) | |
|
|
|
|
| ||
|
|
|
|
|
| |
Al 31 de diciembre de 2022 | 36,322 | 2,096 | 22,495 | 950 | 61,863 | |
|
|
|
|
|
| |
|
|
|
|
|
| |
Depreciación acumulada | ||||||
Al 1 de enero de 2022 | (2,216) | (438) | (4,121) | (595) | (7,370) | |
Cargo por el ejercicio | (748) | (216) | (2,447) | (98) | (3,509) | |
Disposiciones | - | - | 700 | 66 | 766 | |
|
|
|
|
| ||
|
|
|
|
|
| |
Al 31 de diciembre de 2022 | (2,964) | (654) | (5,868) | (627) | (10,113) | |
|
|
|
|
|
| |
Valor neto contable |
|
|
|
|
| |
Al 31 de diciembre de 2022 | 33,358 | 1,442 | 16,627 | 323 | 51,750 | |
|
|
|
|
|
The depreciation charge for the year includes ?3.3 million (2022: ?2.1 million) which was capitalised in inventory at 31 December 2023.
Property plant and equipment includes right of use assets of ?4.9 million (2022: ?4.5 million) related to leased properties and motor vehicles.
In the prior financial year, the Group entered into new lease agreements for the use of land and buildings as its head office facility in Maynooth, Co. Kildare. The land and buildings lease commenced in September 2022 for a duration of seven years. On lease commencement, the Group recognised ?4.7 million of right-of-use assets and lease liabilities.
| 18 Activos intangibles |
|
|
|
|
|
|
|
| En mayúscula |
|
|
|
|
|
| Desarrollo |
| Módulo |
|
|
| Goodwill | Gasto | Licencia | Software | Total |
?'000 | ?'000 | ?'000 | ?'000 | ?'000 | ||
| ||||||
Cost | ||||||
Al 1 de enero de 2023 | 5,697 | - | 300 | 3,133 | 9,130 | |
Adiciones | - | 719 | 500 | 326 | 1,545 | |
|
|
|
|
| ||
|
|
|
|
| ||
Al 31 de diciembre de 2023 | 5,697 | 719 | 800 | 3,459 | 10,675 | |
|
|
|
|
| ||
|
|
|
|
|
| |
Amortización acumulada |
|
|
|
|
| |
Al 1 de enero de 2023 | - | - | - | (1,663) | (1,663) | |
Cobrar por el año | - | - | (40) | (494) | (534) | |
|
|
|
|
| ||
|
|
|
|
| ||
Al 31 de diciembre de 2023 | - | - | (40) | (2,157) | (2,197) | |
|
|
|
|
| ||
|
|
|
|
|
| |
Valor neto contable |
|
|
|
|
| |
Al 31 de diciembre de 2023 | 5,697 | 719 | 760 | 1,302 | 8,478 | |
|
|
|
|
|
|
|
|
|
| Módulo |
|
|
|
| Goodwill | Licencia | Software | Total |
| ?'000 | ?'000 | ?'000 | ?'000 | ||
| ||||||
Cost | ||||||
Al 1 de enero de 2022 | - | - | 2,390 | 2,390 | ||
Adiciones | 5,697 | 300 | 743 | 6,740 | ||
|
|
|
| |||
Al 31 de diciembre de 2022 |
| 5,697 | 300 | 3,133 | 9,130 | |
|
|
|
|
|
| |
Amortización acumulada |
|
|
|
|
| |
Al 1 de enero de 2022 |
| - | - | (1,176) | (1,176) | |
Cobrar por el año | - | - | (487) | (487) | ||
|
|
|
| |||
Al 31 de diciembre de 2022 | - | - | (1,663) | (1,663) | ||
|
|
|
| |||
|
|
|
|
|
| |
Valor neto contable | ||||||
Al 31 de diciembre de 2022 |
| 5,697 | 300 | 1,470 | 7,467 | |
|
|
|
|
|
| |
|
|
|
|
|
| |
(i) Impairment of goodwill
Goodwill acquired in business combinations are allocated to the Group's cash generating units ("CGUs") that are expected to benefit from the business acquisition, rather than where the assets are owned. The CGUs represent the lowest level within the Group at which the associated goodwill is monitored for internal management purposes and are not larger than the operating segments determined in accordance with IFRS 8 'Operating Segments'. CGUs are kept under review to ensure that they reflect changing interdependencies of cash inflows within the Group and how management monitors operations. The goodwill carrying amount is allocated to the suburban segment with the recoverable amount of this CGU being based on value in use. The value in use was determined by the cash flows to be generated from the continuing use of the CGU over a three year period.
a) Key assumptions
The Group has established internal controls designed to effectively assess and centrally review future cash flows generated from CGUs. The key assumptions on which management has based its cash flows are revenue and construction costs. Revenue assumptions relate to unit sales prices for sites delivering over the period based on prices achieved to date, current market prices, historic prices, and sales agent reports. Construction cost assumptions are based on contracted/procured package pricing or where packages are not procured, historic pricing achieved, or pricing achieved on similar packages in reference to other sites.
The impact of sustainability and other macroeconomic factors have been considered in the Group's assessment of these cash flows, particularly with regard to the potential implications for future selling prices, development expenditure and construction programming. Management has considered scenarios on each of its active developments and the consequential impact on future profitability based on current facts and circumstances together with any implications for future projects in undertaking its impairment analysis.
As part of the assessment, the Group has re-evaluated its most likely exit strategies on all developments in the context of the current market environment and reflected these in revenue assumptions within the forecast models. The results of this exercise determined that the no impairment was required at the reporting date.
The cash flow projections used to determine the value in use of the CGU are based on three years of cash flows from the Group's Strategic Plan.
A discount rate based on the Group's incremental borrowing rate and a growth rate into perpetuity was applied to these cash flows.
A sensitivity analysis has been conducted in respect of the value in use of the CGU. There were no CGU impairments as a result of the applied sensitivity analysis in the financial year.
19 | Inventario |
|
|
|
2023 | 2022 | |||
?'000 | ?'000 | |||
| ||||
CARGA TERRESTRE | 403,756 | 455,280 | ||
Trabajos de gastos de desarrollo en curso | 274,592 | 227,240 | ||
Derechos de desarrollo | 29,252 | 3,231 | ||
|
| |||
707,600 | 685,751 | |||
|
|
?488.4 millones (2022: ?530.4 millones) of inventory was recognised in 'cost of sales' during the year ended 31 December 2023. Sustainable materials such as heat pumps, PV panels, timber frames, light gauge steel frames and building expenditure necessary to deliver A1/A2 Building Energy Rating ("BER") homes are included within development expenditure work in progress.
(i) Deterioro del valor de los inventarios
During the financial year the Group carried out a net realisable value assessment of its inventories at the reporting date. This assessment determined that the net impairment charge or reversal required for the period was ?Nil (2022: ?Nil).
(ii) Costo de empleo capitalizado
18.9 millones of employment costs incurred in the financial year have been capitalised in inventory (2022: ?15.4 million).
(iii) Development right
Oscar Traynor Road, Coolock, Dublin 5
In December 2022, the Group entered into a Development Agreement ("DA") with Dublin City Council ("DCC"). Under the terms of the DA and following planning permission being granted in February 2023, the Group acquired certain development rights in respect of the site at Oscar Traynor Road, Coolock, Dublin 5 for consideration of approximately ?14.0m exclusive of stamp duty and acquisition costs. Under the granted planning permission for the site, the development rights will entitle the Group to develop approximately 850 residential units alongside commercial elements in accordance with the terms of the DA.
Ballymastone, Donabate, Dublin
In December 2021, the Group entered into a Development Agreement ("DA") with Fingal County Council ("FCC"). Under the terms of the DA and following planning permission being granted in March 2023, the Group acquired certain development rights in respect of the site at Ballymastone, Donabate, Dublin for consideration of approximately ?11.0m exclusive of stamp duty and acquisition costs. The development rights will (subject to planning permission) entitle the Group to develop approximately 1,200 residential units in accordance with the terms of the DA.
Gateway Retail Park, Co. Galway
In March 2018, the Group entered into an Acquisition and Profit Share Agreement ("APSA") with Targeted Investment Opportunities ICAV ("TIO"), a wholly owned subsidiary of OCM Luxembourg EPF III S.a.r.l. Under the terms of the APSA, the Group acquired certain development rights in respect of the site at Gateway Retail Park, Knocknacarra, Co. Galway for consideration of approximately ?3.2 million (including stamp duty and acquisition costs). The development rights will (subject to planning) entitle the Group to develop at least 250 residential units under a joint business plan to be undertaken with Sigma Retail Partners (on behalf of TIO) which will also entitle TIO to control and benefit from any retail development at the site. The Directors have determined that joint control of the site exists and the arrangement has been accounted for as a joint operation in accordance with IFRS 11 Joint Arrangements. For further information regarding the APSA, see Note 29 of these financial statements.
20 | Cuentas comerciales y otras cuentas por cobrar |
|
|
|
| ||
2023 | 2022 | ||
?'000 | ?'000 | ||
| |||
Cuentas por cobrar comerciales | 9,765 | 9,224 | |
Cuentas por cobrar del contrato | 25,540 | 32,113 | |
Activos contractuales | 16,996 | - | |
Otros ingresos | 3,475 | 2,283 | |
Prepagos | 1,106 | 862 | |
Bonos de construcción | 15,924 | 12,140 | |
Depósitos para sitios | 5,168 | 2,049 | |
|
| ||
77,974 | 58,671 | ||
|
|
The carrying value of all financial assets and trade and other receivables is approximate to their fair value and are short term in nature with the exception of construction bonds.
21 | Comerciales y otras cuentas a pagar |
|
|
2023 | 2022 | ||
?'000 | ?'000 | ||
Current |
| ||
Comercio a pagar | 7,875 | 7,132 | |
Payroll and other taxes | 5,741 | 4,897 | |
Acumulaciones de inventario | 64,921 | 33,600 | |
Consideración contingente | 1,750 | 1,500 | |
Otras acumulaciones | 26,651 | 16,372 | |
IVA a pagar | 25,781 | 29,733 | |
|
| ||
| |||
132,719 | 93,234 | ||
|
| ||
|
The carrying value of all financial liabilities and trade and other payables is approximate to their fair value and are repayable under the normal credit cycle.
2023 | 2022 | ||
No corriente | ?'000 | ?'000 | |
|
|
| |
Consideración contingente | 1,750 | 3,500 | |
|
| ||
| |||
No corriente | 1,750 | 3,500 | |
Current | 132,719 | 93,234 | |
|
| ||
134,469
| 96,734
|
22 Préstamos y empréstitos
(a) Préstamos y empréstitos
In February 2023, the Group entered into a new five-year sustainability linked finance facility of ?350.0 million (Term loan: ?116.7m, Revolving Credit Facility: ?233.3m), with a syndicate of domestic and international financial institutions, at an interest rate of one-month EURIBOR (subject to a floor of 0 per cent) plus a margin of 2.7-2.8%. The debt facility interest rates are linked to the Group meeting certain sustainability performance targets aligned to its sustainability strategy. The sustainability performance targets are in respect of decarbonisation and the Group's Equity, Diversity and Inclusion strategy. The term loan is repayable in full at the end of the five years. The prior period debt facilities were fully repaid by the Group during the year and at 31 December 2023, ?116.7 million has been drawn on the term loan element of the new debt facility (31 December 2022: ?82.5 million). Pursuant to the debt facility agreement, there is fixed and floating charges and assignments in place over all the assets of the Group as continuing security for the discharge of any amounts drawn down. The assets carrying value at 31 December 2023 is ?935.3 million (31 December 2022: ?875.8 million).
| 31 diciembre | 31 diciembre | |
2023 | 2022 | ||
?'000 | ?'000 | ||
| |||
Facilidades de deuda | 116,667 | 82,500 | |
Costos por préstamos no amortizados | (3,697) | (1,877) | |
Intereses acumulados | 2,675 | 17 | |
|
| ||
| |||
Total préstamos y empréstitos | 115,645 | 80,640 | |
|
|
| |
|
|
|
Los préstamos y empréstitos se pagan de la siguiente manera: | 31 diciembre | 31 diciembre | |
2023 | 2022 | ||
?'000 | ?'000 | ||
| |||
Menos de un año | 3,562 | 9,419 | |
Entre uno y dos años | 888 | 9,401 | |
Más de dos años | 111,195 | 61,820 | |
|
| ||
| |||
Total préstamos y empréstitos | 115,645 | 80,640 | |
|
|
| |
|
|
|
The Group's debt facilities were entered into with AIB, Bank of Ireland, Barclays and Home Building Ireland Finance and are subject to primary financial covenants calculated on a bi-annual basis:
- Una relación máxima entre la deuda total y el valor bruto de los activos del 40%;
- El valor de los préstamos a activos elegibles no es igual o superior al 65%;
- The Group is required to maintain a minimum cash balance of ?25.0 million throughout the term of the debt facility;
- El EBITDA debe exceder los costos de interés netos por un mínimo de 3 veces y se calcula sobre la base de los últimos doce meses.
- La deuda total no debe exceder el EBITDA ajustado en un mínimo de 4 veces, esto se calcula sobre la base de los últimos doce meses, y;
- La deuda total no debe exceder el EBITDA ajustado proyectado por un mínimo de 4 veces, esto se calcula sobre una base de doce meses adelantados.
All covenants have been complied with in 2023 and 2022.
Debt facilities are secured by a debenture incorporating fixed and floating charges and assignments over all the assets of the Group. The carrying value of the total assets of the Group as at 31 December 2023 is ?935.3 million (31 December 2022: ?875.8 million).
(b) Reconciliation of movements of liabilities to cash flows arising from financing activities
2023 |
| Flujo de caja | Cambios no monetarios | ||||||||||||||
| Apertura de 2023 | Credit facility drawdown | Amortización de la facilidad de crédito | Costos de transacción relacionados con préstamos y empréstitos | Compartir buyback payments | Proceeds from share option exercise | Pago de la responsabilidad por arrendamiento | Intereses recibidos / (pagados) | Amortización de costos de transacción | Interés | Nuevo instrumento de cobertura | Nuevos arrendamientos | Cierre 2023 |
| |||
| ?'000 | ?'000 | ?'000 | ?'000 | ?'000 | ?'000 | ?'000 | ?'000 | ?'000 | ?'000 | ?'000 | ?'000 | ?'000 |
| |||
Pasivo: |
|
| |||||||||||||||
Préstamos y |
|
|
| ||||||||||||||
préstamos | 82,500 | 381,667 | (347,500) | - | - | - | - | - | - | - | - | - | 116,667 |
| |||
Costos de transacción no amortizados |
(1,877) |
- |
- |
(4,318) |
- |
- |
- |
- |
2,498 |
- |
- |
- |
(3,697) |
| |||
Contratos de derivados |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
1,623 |
- |
1,623 |
| |||
Arrendar fiscal |
4,744 |
- |
- |
- |
- |
- |
(761) |
- |
- |
138 |
- |
1,328 |
5,449 |
| |||
Devengo de intereses |
17 |
- |
- |
- |
- |
- |
- |
(12,009) |
- |
14,667 |
- |
- |
2,675 |
| |||
|
|
|
|
| |||||||||||||
Equidad: |
|
|
| ||||||||||||||
Recompra de acciones |
(253,726) |
- |
- |
- |
(62,891) |
- |
- |
- |
- |
- |
- |
- |
(316,617) |
| |||
Ejercicio de opciones sobre acciones |
137 |
- |
- |
- |
- |
307 |
- |
- |
- |
- |
- |
- |
444 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| (168,205) | 381,667 | (347,500) | (4,318) | (62,891) | 307 | (761) | (12,009) | 2,498 | 14,805 | 1,623 | 1,328 | (193,456) |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
2022 |
| Flujo de caja | Cambios no monetarios | ||||||||||||||
| Apertura de 2022 | Credit facility drawdown | Amortización de la facilidad de crédito | Costos de transacción relacionados con préstamos y empréstitos | Compartir buyback payments | Proceeds from share option exercise | Pago de la responsabilidad por arrendamiento | Pago interesado | Amortización de costos de transacción | Interest on debt facilities | Intereses sobre pasivo por arrendamiento | Nuevos arrendamientos | Cierre 2022 |
| |||
| ?'000 | ?'000 | ?'000 | ?'000 | ?'000 | ?'000 | ?'000 | ?'000 | ?'000 | ?'000 | ?'000 | ?'000 | ?'000 |
| |||
Pasivo: |
|
| |||||||||||||||
Préstamos y |
|
|
| ||||||||||||||
préstamos | 122,500 | 110,000 | (150,000) | - | - | - | - | - | - | - | - | - | 82,500 |
| |||
Costos de transacción no amortizados |
(2,476) |
- |
- |
- |
- |
- |
- |
- |
599 |
- |
- |
- |
(1,877) |
| |||
Arrendar fiscal |
547 |
- |
- |
- |
- |
- |
(470) |
- |
- |
- |
45 |
4,622 |
4,744 |
| |||
Devengo de intereses |
223 |
- |
- |
- |
- |
- |
- |
(6,490) |
- |
6,284 |
- |
- |
17 |
| |||
|
|
| |||||||||||||||
Equidad: |
|
| |||||||||||||||
Recompra de acciones |
(107,466) |
- |
- |
- |
(146,260) |
- |
- |
- |
- |
- |
- |
- |
(253,726) |
| |||
Ejercicio de opciones sobre acciones |
29 |
- |
- |
- |
- |
108 |
- |
- |
- |
- |
- |
- |
137 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 13,357 | 110,000 | (150,000) | - | (146,260) | 108 | (470) | (6,490) | 599 | 6,284 | 45 | 4,622 | (168,205) |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
(c) Net debt reconciliation
|
| ||
2023 | 2022 | ||
?'000 | ?'000 | ||
| |||
Efectivo restringido | 458 | 458 | |
Efectivo y equivalentes de efectivo | 71,863 | 71,085 | |
Préstamos y empréstitos | (115,645) | (80,640) | |
Pasivos por arrendamiento | (5,449) | (4,744) | |
|
| ||
| |||
Deuda neta total | (48,773) | (13,841) | |
|
|
|
(d) Lease Liabilities
Los pasivos por arrendamiento son pagaderos de la siguiente manera:
31 de diciembre 2023 | ||||
Valor presente |
| Valor futuro | ||
de mínimo |
| de mínimo | ||
arrendados |
| arrendados | ||
pagos | Interés | pagos | ||
?'000 | ?'000 | ?'000 | ||
Menos de un año | 1,219 | 96 | 1,315 | |
Entre uno y dos años | 1,205 | 98 | 1,303 | |
Más de dos años | 3,025 | 362 | 3,387 | |
|
|
| ||
5,449 | 556 | 6,005 | ||
|
|
|
23 Efectivo restringido
|
| ||
2023 | 2022 | ||
?'000 | ?'000 | ||
| |||
Current | 458 | 458 | |
|
| ||
458 | 458 | ||
|
|
| |
|
|
The restricted cash balance relates to ?0.5 million held in escrow for the completion of certain infrastructural works relating to the Group's residential development at Balbriggan, Co. Dublin.
24 Derivatives and cashflow hedge reserve
a) Interest rate swap
On 28 February 2023, the Group entered into an interest rate swap to hedge the interest rate risk associated with ?100.0 million of the term loan element of our new debt facilities. The interest rate swap is in place for the 5-year period of the facility agreement. The nominal amount hedged for years one and two is ?100.0 million with this stepping down to ?50.0 million for the remaining three years of the facility agreement. The interest rate swap has a fixed interest rate of 3.035%.
Instrumentos financieros derivados | 2023 | 2022 |
?'000 | ?'000 | |
|
| |
Swaps de tipos de interés - coberturas de flujos de efectivo | (1,623) | - |
|
|
|
Incluido en otro resultado integral | 2023 | 2022 |
| ?'000 | ?'000 |
|
|
|
Movimiento del valor razonable en coberturas de flujo de efectivo | (1,240) | - |
Coberturas de flujo de efectivo reclasificadas a resultados | (383) | - |
|
| |
(1,623) | - | |
|
|
|
b) Cashflow hedge reserve
The cashflow hedge reserve reflects the effective portion of the cumulative net change in the fair value of derivatives that are designated and qualify as cash flow hedges. Amounts accumulated in the hedging reserve are recycled to the income statement in the periods when the hedged item affects income or expense, or are included in the initial cost of a hedged non-financial item, depending on the hedged item.
25 Subsidiarias
The principal subsidiary companies and the percentage shareholdings held by Glenveagh Properties PLC, either directly or indirectly, pursuant to Section 314 of the Companies Act 2014 at 31 December 2023 are as follows:
Empresa | Actividad principal | % | registro oficina | |
Glenveagh Properties (Holdings) Limited | Holding | 100% | 1 | |
Glenveagh Treasury DAC | Actividades de financiación | 100% | 1 | |
Glenveagh Contracting Limited | Desarrollo inmobiliario | 100% | 1 | |
Glenveagh Homes Limited | Desarrollo inmobiliario | 100% | 1 | |
Greystones Devco Limited | Desarrollo inmobiliario | 100% | 1 | |
Marina Quarter Limited | Desarrollo inmobiliario | 100% | 1 | |
GLV Bay Lane Limited | Desarrollo inmobiliario | 100% | 1 | |
Glenveagh Living Limited | Desarrollo inmobiliario | 100% | 1 | |
GL Partnership Opportunities DAC | Desarrollo inmobiliario | 100% | 1 | |
Castleforbes Development Company DAC | Desarrollo inmobiliario | 100% | 1 | |
Nua Manufacturing MMC Limited | Operaciones de manufactura | 100% | 1 | |
GMP Developments Limited | Holding | 100% | 1 |
1 Block C, Maynooth Business Campus, Maynooth, Co. Kildare
Pursuant to section 316 of the Companies Act 2014, a full list of subsidiaries will be annexed to the Company's Annual Return to be filed in the Companies Registration Office in Ireland.
26 Capital and reserves
(a) Authorised share capital
|
|
| 2023 | 2022 | ||
|
|
| Número de |
| Número de |
|
| las acciones | ?'000 | las acciones | ?'000 | ||
| ||||||
Acciones Ordinarias de 0.001€ cada una | 1,000,000,000 | 1,000 | 1,000,000,000 | 1,000 | ||
Deferred Shares of ?0.001 each | 200,000,000 | 200 | 200,000,000 | 200 | ||
|
|
|
| |||
|
|
|
|
| ||
|
| 1,200,000,000 | 1,200 | 1,200,000,000 | 1,200 | |
|
|
|
|
(b) Capital social y prima de emisión emitidos y totalmente desembolsados
Al 31 de diciembre de 2023 |
|
|
| Compartir | Compartir | |
|
| Número de | capital | producto de más alta calidad. | ||
|
|
| las acciones | ?'000 | ?'000 | |
| ||||||
Acciones Ordinarias de 0.001€ cada una | 578,049,119 | 578 | 179,719 | |||
Founder Shares of ?0.001 each | - | - | - | |||
Deferred Shares of ?0.001 each | 81,453,077 | 81 | - | |||
|
|
| ||||
|
|
|
|
| ||
|
|
| 659,502,196 | 659 | 179,719 | |
|
|
|
| |||
Al 31 de diciembre de 2022 |
|
|
| Compartir | Compartir | |
|
| Número de | Capital | producto de más alta calidad. | ||
|
| las acciones | ?'000 | ?'000 | ||
| ||||||
Acciones Ordinarias de 0.001€ cada una | 638,131,722 | 638 | 179,416 | |||
Founder Shares of ?0.001 each | - | - | - | |||
Deferred Shares of ?0.001 each | 81,453,077 | 81 | - | |||
|
|
| ||||
|
|
|
|
| ||
|
|
| 719,584,799 | 719 | 179,416 | |
|
|
|
(c) Reconciliation of shares in issue
Con respecto al año en curso | Ordinario | Fundador | Diferido | Sin denominar | Compartir | Compartir | |
las acciones | las acciones | las acciones | capital | capital | producto de más alta calidad. | ||
'000 | '000 | '000 | ? 000 | ?'000 | ?'000 | ||
| |||||||
Publicado el 1 de enero de 2023 | 638,132 | - | 81,453 | 335 | 719 | 179,416 | |
Compra de acciones propias | (63,813) | - | - | 64 | (64) | - | |
Conversion of founder shares to deferred shares |
- |
- |
- |
- |
- |
- | |
Cancelación de acciones diferidas | - | - | - | - | - | - | |
Ejercicio de opciones | 3,730 | - | - | - | 4 | 303 | |
|
|
|
|
|
| ||
|
|
|
|
|
| ||
| 578,049 | - | 81,453 | 399 | 659 | 179,719 | |
|
|
|
|
|
|
|
In respect of prior year | Ordinario | Fundador | Diferido | Sin denominar | Compartir | Compartir | |
las acciones | las acciones | las acciones | capital | capital | producto de más alta calidad. | ||
'000 | '000 | '000 | ? 000 | ?'000 | ?'000 | ||
| |||||||
Publicado el 1 de enero de 2022 | 771,771 | 181,007 | - | 100 | 952 | 179,310 | |
Compra de acciones propias | (135,680) | - | - | 135 | (135) | - | |
Conversion of founder shares to deferred shares |
- |
(181,007) |
181,007 |
- |
- |
- | |
Cancelación de acciones diferidas | - | - | (99,554) | 100 | (100) | - | |
Ejercicio de opciones | 2,041 | - | - | - | 2 | 106 | |
|
|
|
|
|
| ||
|
|
|
|
|
| ||
| 638,132 | - | 81,453 | 335 | 719 | 179,416 | |
|
|
|
|
|
|
|
(d) Rights of shares in issue
Acciones ordinarias
The holders of Ordinary Shares are entitled to one vote per Ordinary Share at general meetings of the Company and are entitled to receive dividends as declared by the Company.
(e) Nature and purpose of reserves
Reserva de pago basada en acciones
The share-based payment reserve comprises amounts equivalent to the cumulative cost of awards by the Group under equity settled share-based payment arrangements being the Group's Long Term Incentive Plan and the SAYE scheme. Details of the share awards, in addition to awards which lapsed in the year, are disclosed in Note 14.
(f) Share buyback programme
On 16 November 2021, the Group announced a second share buyback programme, which completed on 28 April 2022. The total number of shares purchased was 92,950,510 at a total cost of ?111.0 million. The total number of shares purchased in the period 1 January to 28 April 2022 was 64,929,549 at a total cost of ?77.9m. All repurchased shares were cancelled in accordance with the share buyback programme in the year ended 31 December 2022.
On 1 June 2022, a third share buyback programme commenced up to a further ?75.0 million, which completed on 1 November 2022. As at 31 December 2022 the total number of shares purchased under the third buyback programme was 70,750,810 at a total cost of ?67.5 million. All repurchased shares were cancelled in the year ended 31 December 2022.
On 6 January 2023, a fourth share buyback programme commenced to repurchase up to 10% of the Group's issued share capital such that the maximum number of shares which can be repurchased under this buyback is 63,813,172. On 2 August 2023, the Group completed the fourth share buyback programme repurchasing 63,813,172 shares for a cost of ?62.9 million. All repurchased shares were cancelled.
27 Instrumentos financieros y gestión de riesgos financieros
(a) Clasificación contable y valor razonable
El Grupo clasifica y revela el valor razonable para cada clase de instrumento financiero con base en la jerarquía del valor razonable de acuerdo con la NIIF 13. La jerarquía del valor razonable distingue entre los datos de valor de mercado obtenidos de fuentes independientes y los supuestos propios del Grupo sobre el valor de mercado. Los niveles de jerarquía se definen a continuación:
- Nivel 1 - Entradas basadas en precios cotizados en mercados activos para activos o pasivos idénticos;
- Nivel 2: Entradas basadas en factores distintos de los precios cotizados incluidos en el Nivel 1 y pueden incluir precios cotizados para activos y pasivos similares en mercados activos, así como entradas que son observables para el activo o pasivo (distintos de los precios cotizados), tales como tasas de interés y curvas de rendimiento que son observables a intervalos comúnmente cotizados; y
- Nivel 3: datos que no son observables para el activo o pasivo y que normalmente se basan en los propios supuestos del Grupo, ya que hay poca o ninguna actividad de mercado relacionada. La evaluación por parte del Grupo de la importancia de un dato particular para la medición del valor razonable en su totalidad requiere juicio y considera factores específicos del activo o pasivo.
La evaluación del Grupo de la importancia de una entrada particular para la medición del valor razonable en su totalidad requiere juicio y considera factores específicos del activo o pasivo.
The following table presents the Group's estimates of fair value on a recurring basis based on information available at 31 December 2023, aggregated by the level in the fair value hierarchy within which those measurements fall.
31 de diciembre de 2023* | Nivel A1 | Nivel A2 | Nivel A3 |
| |
Precios cotizados en |
|
|
| ||
mercados activos para |
| Significativo |
| ||
activos idénticos y | Pareja | inobservable |
| ||
pasivo | entradas observables | entradas | Total | ||
?'000 | ?'000 | ?'000 | ?'000 | ||
Medición recurrente |
| ||||
Pasivos |
| ||||
Consideración contingente | - | - | 3,500 | 3,500 | |
Contratos de derivados | - | 1,623 | - | 1,623 | |
|
|
|
| ||
|
|
|
| ||
Total | - | 1,623 | 3,500 | 5,123 | |
|
|
|
|
*The period ended 31 December 2023 is the first period the Group has transacted in derivative contracts, see note 6.
The consolidated financial assets and financial liabilities are set out below. While all financial assets and liabilities are measured at amortised cost, the carrying amounts of the consolidated financial assets and financial liabilities approximate to fair value. Trade and other receivables and trade and other payables approximate to their fair value as the transactions which give rise to these balances arise in the normal course of trade and, where relevant, with industry standard payment terms and have a short period to maturity (less than one year).
Financial instruments: financial assets |
|
| |
2023 | 2022 | ||
The consolidated financial assets can be summarised as follows: | ?'000 | ?'000 | |
|
| ||
Cuentas por cobrar comerciales | 9,765 | 9,224 | |
Importes recuperables en contratos de construcción | 25,540 | 32,113 | |
Activos contractuales | 16,996 | - | |
Otros ingresos | 3,475 | 2,282 | |
Bonos de construcción | 15,924 | 12,140 | |
Depósitos para sitios | 5,168 | 2,049 | |
Efectivo y equivalentes de efectivo | 71,863 | 71,085 | |
Efectivo restringido (actual) | 458 | 458 | |
|
| ||
| |||
Activos financieros totales | 149,189 | 129,351 | |
|
|
El efectivo y equivalentes de efectivo son depósitos a corto plazo mantenidos a tipos variables.
Financial instruments: financial liabilities |
|
| |
2023 | 2022 | ||
?'000 | ?'000 | ||
|
| ||
Comercio a pagar | 7,875 | 7,132 | |
Pasivos por arrendamiento | 5,449 | 4,744 | |
Acumulaciones de inventario | 64,921 | 33,600 | |
Otras acumulaciones | 26,651 | 16,372 | |
Consideración contingente | 3,500 | 5,000 | |
Préstamos y empréstitos | 119,617 | 80,640 | |
|
| ||
| |||
Pasivos financieros totales | 228,013 | 147,488 | |
|
|
|
Las cuentas por pagar comerciales y otros pasivos corrientes no devengan intereses.
(b) Financial risk management objectives and policies
Al ser todas las operaciones realizadas por el Grupo en euros, no existe riesgo de tipo de cambio directo, por lo que los principales riesgos financieros del Grupo son principalmente:
- riesgo de liquidez: el riesgo de que no se disponga de financiación adecuada para las actividades del Grupo;
- credit risk - the risk that a counter-party will default on their contractual obligations resulting in a financial loss to the Group; and
- market risk - the risk that changes in market prices, such as interest rates and equity prices will affect the Group's income or the value of its holdings of financial instruments.
- interest rate risk - the risk that changes in interest rates will affect the Group's income or the value of its holdings of financial instruments.
Esta nota presenta información y revelaciones cuantitativas sobre la exposición del Grupo a cada uno de los riesgos anteriores, sus objetivos, políticas y procesos para medir y gestionar el riesgo, y la gestión del capital del Grupo.
Riesgo de liquidez
El riesgo de liquidez es el riesgo de que el Grupo no pueda generar suficientes reservas de efectivo para liquidar sus obligaciones en su totalidad a medida que vencen o solo pueda hacerlo en términos que sean materialmente desventajosos. El enfoque del Grupo para gestionar la liquidez es garantizar, en la medida de lo posible, que siempre tendrá suficiente liquidez para cumplir con sus obligaciones a su vencimiento, tanto en condiciones normales como de tensión, sin incurrir en pérdidas inaceptables ni arriesgar daños a la reputación del Grupo. Las previsiones de liquidez del Grupo consideran todos los gastos de desarrollo previstos.
In February 2023, the Group entered into a new five-year sustainability linked finance facility of ?350.0 million, with a syndicate of domestic and international financial institutions, at an interest rate of one-month EURIBOR (subject to a floor of 0 per cent) plus a margin of 2.7%-2.8%. The debt facility interest rates are linked to the Group meeting certain sustainability performance targets aligned to its sustainability strategy. The sustainability performance targets are in respect of decarbonisation and the Group's Equity, Diversity and Inclusion strategy. The prior period debt facilities were fully repaid by the Group during the year ended 31 December 2023. ?116.7 million has been drawn on the new debt facility (2022: ?82.5 million). The Group has an exposure to cash flow interest rate risk where there are changes in the EURIBOR rates.
La dirección supervisa la adecuación de las reservas de liquidez del Grupo frente a las previsiones de flujo de efectivo móvil. Además, la política de gestión del riesgo de liquidez del Grupo pasa por el seguimiento de las previsiones de flujo de caja a corto y largo plazo. A continuación se detallan los flujos de efectivo contractuales del Grupo que surgen de sus pasivos financieros y los fondos disponibles para hacer frente a estos pasivos.
31 de diciembre 2023 | ||||||
Que lleva | Contractual | Menos que | un año | Más de | ||
cantidad | El dinero fluye | un año | a 2 años | 2 años | ||
?'000 | ?'000 | ?'000 | ?'000 | ?'000 | ||
Pasivos por arrendamiento | 5,499 | 6,005 | 1,314 | 1,303 | 3,388 | |
Comercio a pagar | 7,875 | 7,875 | 7,875 | - | - | |
Acumulaciones de inventario | 64,921 | 64,921 | 64,921 | - | - | |
Otras acumulaciones | 26,651 | 26,651 | 26,651 | - | - | |
Consideración contingente | 3,500 | 3,500 | 1,750 | 1,750 | - | |
Contratos de derivados | 1,623 | 1,623 | (362) | 569 | 1,416 | |
Préstamos y empréstitos | 115,645 | 134,725 | 13,018 | 10,343 | 111,364 | |
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225,714 | 245,300 | 115,167 | 13,965 | 116,168 | ||
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31 de diciembre 2022 | ||||||
Que lleva | Contractual | Menos que | un año | Más de | ||
cantidad | El dinero fluye | un año | a 2 años | 2 años | ||
?'000 | ?'000 | ?'000 | ?'000 | ?'000 | ||
Pasivos por arrendamiento | 4,744 | 5,057 | 84 | 16 | 4,957 | |
Comercio a pagar | 7,132 | 7,132 | 7,132 | - | - | |
Acumulaciones de inventario | 33,600 | 33,600 | 33,600 | - | - | |
Otras acumulaciones | 16,372 | 16,372 | 16,372 | - | - | |
Consideración contingente | 5,000 | 5,000 | 1,500 | 1,750 | 1,750 | |
Préstamos y empréstitos | 80,640 | 89,488 | 11,563 | 11,546 | 66,379 | |
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147,488 | 156,649 | 70,251 | 13,312 | 73,086 | ||
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Fondos disponibles |
|
|
2023 | 2022 | |
?'000 | ?'000 | |
|
| |
Debt facilities (undrawn committed) | 233,333 | 150,000 |
Efectivo y equivalentes de efectivo* | 71,863 | 71,085 |
Efectivo restringido | 458 | 458 |
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| |
| ||
| 305,654 | 221,543 |
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*Includes ?25 million (2022: ?25 million) de efectivo restringido
The Group's RCF is subject to primary financial covenants calculated on a bi-annual basis:
- Una relación máxima entre la deuda total y el valor bruto de los activos del 40%;
- El valor de los préstamos a activos elegibles no es igual o superior al 65%;
- The Group is required to maintain a minimum cash balance of ?25.0 million throughout the term of the debt facility;
- El EBITDA debe exceder los costos de interés netos por un mínimo de 3 veces y se calcula sobre la base de los últimos doce meses.
- La deuda total no debe exceder el EBITDA ajustado en un mínimo de 4 veces, esto se calcula sobre la base de los últimos doce meses, y;
- La deuda total no debe exceder el EBITDA ajustado proyectado por un mínimo de 4 veces, esto se calcula sobre una base de doce meses adelantados.
Riesgo crediticio
The Group's exposure to credit risk encompasses the financial assets being: trade and receivables, contract assets and cash and cash equivalents. Credit risk is managed by regularly monitoring the Group's credit exposure to each counter-party to ensure credit quality of customers and financial institutions in line with internal limits approved by the Board.
There has been no impairment of trade receivables in the year presented. The impairment loss allowance allocated against trade receivables, contract assets, cash and cash equivalents and restricted cash is not material. The credit risk on cash and cash equivalents is limited because counter-parties are leading international banks with minimum long-term BBB+ credit-ratings assigned by international credit agencies. The maximum amount of credit exposure is the financial assets in this note.
Riesgo de mercado
The Group's exposure to market risk relates to changes to interest rates and stems predominately from its debt obligations. Interest rate risk reflects the Group's exposure to fluctuations in interest rates in the market. This risk arises from bank loans that are drawn under the Group's debt facilities with variable interest rates based upon EURIBOR. At the year ended 31 December 2023 it is estimated that an increase of 100 basis points to EURIBOR would have decreased the Group's profit before tax by ?2.9 million (2022: ?2.5 million) assuming all other variables remain constant, and the rate change is only applied to the loans that are exposed to movements in EURIBOR.
As part of the Group's strategy to manage our interest rate risk, the Group entered into an interest rate swap on 28 February 2023 to hedge the interest rate risk associated with ?100.0 million of the term loan element of our new debt facilities. The interest rate swap is in place for the 5-year period of the facility agreement. The nominal amount hedged for years one and two is ?100.0 million with this stepping down to ?50.0 million for the remaining three years of the facility agreement.
El Grupo también está expuesto al riesgo de tipo de interés sobre su efectivo y equivalentes de efectivo. Estos saldos atraen tipos de interés bajos y por lo tanto un aumento o disminución relativa de sus tipos de interés no tendría un efecto material en el beneficio del Grupo.
A fundamental review and reform of major interest rate benchmarks is being undertaken globally, including the replacement of some interbank offered rates (IBORs) with alternative nearly risk-free rates (referred to as 'IBOR reform'). The Group has no exposure to these changes as it only has exposure to EURIBOR interest rates which is outside the scope of the current IBOR reform.
Los importes correspondientes a las partidas designadas como instrumentos de cobertura e ineficacia de la cobertura son los siguientes:
Al 31 de diciembre de 2023 | Por el año terminado el 31 de diciembre de 2023 | |||||||
Cantidad nominal | Importe en libros |
Cambios en el valor de los instrumentos de cobertura reconocidos en ORI |
Ineficacia de la cobertura reconocida en resultados |
Elementos de línea en utilidad o pérdida que incluye ineficacia de cobertura | Importe reclasificado de la reserva de cobertura a resultados |
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Activos |
Responsabilidad | |||||||
(?'000) | (?'000) | (?'000) | (?'000) | (?'000) | (?'000) | (?'000) | (?'000) | |
Swap de tipos de interés | 100,000 | - | (1,623) | (1,240) | - | Pérdida por instrumentos financieros derivados | (383) | Costos de financiamiento |
El Grupo mantiene los siguientes instrumentos para cubrir exposiciones a cambios en las tasas de interés:
Swaps de tasas de interés | 2023 | 2022 |
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| |
Net exposure (?'000) | 1,535 | - |
Tipo de interés fijo medio | 3.035% | - |
Los montos a la fecha de presentación relacionados con las partidas designadas como partidas cubiertas fueron los siguientes:
Al 31 de diciembre de 2023 |
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Cambiar en |
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valor utilizado para |
| |
el cálculo de | Flujo de fondos | |
cobertura | cobertura | |
inoperancia | Reservar | |
?'000 | ?'000 | |
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Swap de tipos de interés | - | (1,623) |
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| - | (1,623) |
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La gestión del capital
The Group finances its operations through a combination of shareholders' funds, long term borrowings and working capital. The Group's objective when managing capital is to maintain an appropriate capital structure in the business to allow management to focus on creating sustainable long-term value for its shareholders, with flexibility to take advantage of opportunities as they arise in the short and medium term. The Group's capital allocation policy is to invest in supply chain, land, and work-in-progress. Once the business has invested sufficiently in each of these priorities, excess capital is returned to shareholders.
28 Arrendamientos
A. Leases as lessee (IFRS 16)
The Group leases a property and motor vehicles. Motor vehicle leases typically run for a period of 1-3 years, with an option to renew the lease after that date. Lease payments are renegotiated every 1-3 years to reflect market rentals. The property lease is for 15 years with a break clause after 7 years.
The Group leases certain motor vehicles with contract terms of one year. These leases are short term and leases of low-value items. The Group has elected not to recognise right-of-use assets and lease liabilities for these leases.
A continuación se presenta información sobre los arrendamientos de los que el Grupo es arrendatario.
i. Activos por derecho de uso
Right-of-use assets related to leased properties (that do not meet the definition of investment property) and motor vehicles are presented as property, plant and equipment (see Note 17).
| Motor |
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Propiedades | Vehículos | Total | ||
?'000 | ?'000 | ?'000 | ||
2023 | ||||
Saldo al 1 de enero | 4,385 | 86 | 4,471 | |
Adiciones a los activos por derecho de uso | - | 1,328 | 1,328 | |
Cargo por depreciación del año | (658) | (224) | (882) | |
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Saldo al 31 de diciembre | 3,727 | 1,190 | 4,917 | |
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| Motor |
| ||
Propiedades | Vehículos | Total | ||
?'000 | ?'000 | ?'000 | ||
2022 | ||||
Saldo al 1 de enero | 286 | 261 | 547 | |
Adiciones a los activos por derecho de uso | 4,605 | - | 4,605 | |
Cargo por depreciación del año | (506) | (175) | (681) | |
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Saldo al 31 de diciembre | 4,385 | 86 | 4,471 | |
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ii. Amounts recognised in profit or loss
| 2023 | 2022 | ||
| ?'000 | ?'000 | ||
2023 - Arrendamientos bajo NIIF 16 | ||||
Intereses sobre pasivos por arrendamiento | 138 | 45 | ||
Gastos relacionados con arrendamientos a corto plazo | 151 | 97 | ||
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iii. Amounts recognised in statement of cash flows
| 2023 | 2022 | ||
| ?'000 | ?'000 | ||
Total cash outflow on leases | 761 | 470 | ||
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B. Leases as lessor
In certain instances, the Group acts as a lessor in relation to certain property assets. These arrangements are not material to the Group's consolidated financial statements.
29 Transacciones con partes relacionadas
(i) Key Management Personnel remuneration
Key management personnel comprise the Non-Executive Directors and the Executive Committee. The aggregate compensation paid or payable to key management personnel in respect of the financial year was the following:
| 2023 | 2022 | ||
| ?'000 | ?'000 | ||
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|
| ||
Beneficios para empleados a corto plazo |
| 4,746 | 4,864 | |
Beneficios post-empleo |
| 214 | 294 | |
LTIP and SAYE share-based payment expense |
| 996 | 670 | |
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| |||
| 5,956 | 5,828 | ||
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Compensation of the Group's key management personnel includes salaries, non-cash benefits and contributions to a post-employment defined contribution plan.
(ii) Other related party transactions
Acquisition of development rights
The Group entered into the Acquisition and Profit Share Agreement (APSA) with Targeted Investment Opportunities ICAV (TIO), a wholly owned subsidiary of OCM Luxembourg EPF III S.a.r.l. (OCM) (and an entity in which John Mulcahy is a director) on 12 March 2018. Under the terms of the APSA, the Group acquired certain development rights in respect the site at Gateway Retail Park, Knocknacarra, Co. Galway for consideration of approximately ?3.2 million (including stamp duty and transaction costs). The development rights will (subject to planning) entitle the Group to develop at least 250 residential units under the joint business plan to be undertaken with Sigma Retail Partners (on behalf of TIO) which will also entitle TIO to control and benefit from any retail development at the site.
The Directors have determined that joint control over the site exists, and the arrangements have been accounted for as joint operations in accordance with IFRS 11 Joint Arrangements. This accounting treatment was re-assessed at the end of the reporting period and the Directors concluded that it remains appropriate.
The APSA also stipulates that TIO would be entitled to share, on a 50/50 basis, any residual profit remaining after the Group's purchase consideration plus interest and residential development cost plus 20% has been deducted from sales revenue in relation to the residential development opportunity at Gateway Retail Park, Knocknacarra, Co. Galway and Bray Retail Park, Bray, Co. Wicklow.
The agreement defines certain default events including TIO not possessing good and marketable title over the development sites and TIO not transferring good and marketable title over the development sites. On the occurrence of a default event, the Group shall be entitled to recover the aggregate purchase consideration in respect of the development rights. OCM has agreed to guarantee this obligation of TIO.
30 Commitments and contingent liabilities
(a) Commitments arising from development land acquisitions
The Group had no contingent liabilities at 31 December 2023. The Group had the following commitments at 31 December 2023 relating to Development Land Acquisitions.
Hollystown Golf and Leisure Limited ("HGL")
During 2018, the Group acquired 100 per cent of the share capital of HGL. Under the terms of an overage covenant signed in connection with the acquisition, the Group has committed to paying the vendor an amount equal to an agreed percentage of the uplift in market value of the property should any lands owned by HGL, that are not currently zoned for residential development be awarded a residential zoning. This commitment has been treated as contingent consideration and the fair value of the contingent consideration at the acquisition date was initially recognised at ?nil. At the reporting date, the fair value of this contingent consideration was considered insignificant.
Adquisiciones contratadas
At 31 December 2023, the Group had contracted to acquire 5 development sites; two in County Dublin, one in Co. Kildare, one in County Meath and one in County Galway for aggregate
consideration of approximately ?24 million (excluding stamp duty and legal fees). Deposits totalling ?5.2 million were paid pre-year end and are included within trade and other receivables at 31 December 2023.
31 Subsequent events
There were no significant subsequent events that warrant disclosure in the financial statements.
32 Profit of the Parent Company
The parent company is Glenveagh Properties PLC. In accordance with section 304 of the Companies Act 2014, the Company is availing of the exemption from presenting its individual statement of profit or loss and other comprehensive income to the Annual General Meeting and from filing it at the Companies Registration Office. The Company's loss after tax for the financial year was ?0.001 million (for the year ended 31 December 2022: profit of ?7.7million).
33 Estados financieros aprobados
The Board of Directors approved the financial statements on 27 February 2024.
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